February RBA hike: which banks have increased home loan rates

people jumping off towers as the rba cash rate goes up

Last Updated: 13 February at 11:30am

The Reserve Bank Australia has increased the cash rate by 25 basis points putting the new rate at 3.35%.

With each change to the cash rate last year, lenders raised their variable home loan rates in kind. We expect the same to happen again. But don’t despair, the good news is that we might see increases to savings and term deposit rates as well.

Which lenders have moved on home loan interest rates?

To help you keep track of home loan interest changes, this page will be regularly updated with the size of the increase and when it will come into effect.

Below, we’ve also included a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 7 February 2023 for reference. These numbers are likely to continue increasing in the coming weeks.

Loan TypeAverage
Variable5.68% p.a.
1-year fixed5.50% p.a.
2-year fixed5.82% p.a.
3-year fixed5.99% p.a.
4-year fixed6.29% p.a.
5-year fixed6.45% p.a.

Big Four

woman picking up green blocks

ANZ

  • Effective 17 Feb, ANZ will increase its home loan variable rates by 0.25% p.a.
  • Effective 14 Feb, ANZ Plus Save will increase to 4.00% p.a.

CBA

  • Effective 17 Feb, CBA will increase its home loan variable interest rates by 0.25% p.a.
  • Effective 10 Feb, its GoalSaver and Youthsaver accounts will increase to 4.00% p.a.

NAB

  • Effective 17 Feb, NAB will increase variable home loan rates by 0.25% p.a.

WESTPAC

  • Effective 21 Feb, Westpac will increase its home loan variable rates by 0.25% p.a.
  • Effective 21 Feb, Westpac Life will increase to 4.00% p.a., Westpac eSaver will increase to 4.00% for new customers for the first five months.

Major Banks

girl picking pink blocks

Virgin Money

  • Effective 10 February, Virgin Money will increase its variable home loan interest rates by 0.25% p.a.

Suncorp Bank

  • Effective 17 February, Suncorp will increase variable home loans rates by 0.25% p.a.
  • Effective 16 February, Suncorp's Growth Saver account will increase its interest rates to 4.25% p.a.

ME Bank

  • Effective 11 February, ME Bank will increase home loan variable rates by 0.25% p.a.

Bank of Queensland

  • Effective 10 February, BOQ will increase its home loan variable rates by 0.25% p.a.

MyState Bank

  • Effective 20 February, MyState Bank will increase variable home loan interest rates by 0.25% p.a.
  • Effective 13 February, its Bonus Saver account will increase to 4.35% p.a.

Macquarie Bank

  • Effective 22 Feb, Macquarie Bank will increase its variable home loan rates by 0.25% p.a.
  • Effective 22 Feb, it's saving account welcome rate will increase to 4.50% p.a.

Bankwest

  • Effective 17 Feb, Bankwest will increase its variable home loans by 0.25% p.a
  • Its hero Hero Saver rate will increase to 3.75% p.a. and its Easy Saver to 4.00% p.a.

BankFirst

  • Effective 24 Feb, BankFirst will increase its home loan variable rates by 0.35% p.a.

Newcastle Permanent 

  • Effective 17 Feb, Newcastle Permanent will increase its home loan variable interest rates by 0.25% p.a.

Great Southern Bank

  • Effective 15 Feb, Great Southern Bank will increase its variable home loan rates by 0.25% p.a.

ING

  • Effective 14 Feb, ING will increase its home loan variable rates by 0.25%
  • Its Savings Maximiser will increase to 4.80% p.a.

Bendigo Bank

  • Effective 17 Feb, Bendigo Bank will increase its home loan variable rates by 0.25% p.a.
  • Effective 23 Feb, its Reward Saver products will increase by 0.25% p.a.
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 13 December 2024 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Promoted

    Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Promoted

    Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Promoted

    Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,867
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,867
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,931
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.33 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

Showing 8 results from 426 home loans. Use the filters to see more
image of houses

Want free expert advice on your home loan?

Whether you're looking to purchase a new home or refinance your existing loan, our friends at Aussie can help!

Learn more

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.