July RBA rate hike: Which banks have increased home loan rates

By Maria Gil · · 4 min read
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people jumping off towers as the rba cash rate goes up

Last updated: 2:45 pm 8 July

The Reserve Bank announced another official cash rate increase–this time by 0.50 basis points to 1.35%.

This is the third increase of the year, and many economists speculate that we will continue to see further rate rises into 2022. In fact, Westpac economists predict that rates will go up as much as 1.75% by the end of the year. 

In the past two months, we’ve seen lenders increase their interest rates for home loan variable rates, home loan fixed rates and savings accounts. In anticipation of today’s announcement, the big four have already hiked their fixed rates, some by more than 100 basis points.

According to our database, all fixed rates below a ‘2’ are now gone and it’s likely that those that still start with a ‘3’ will also dwindle in the coming months.

Which lenders have moved on home loan interest rates?

Like before, banks and lenders’ response times to the new cash rate announcement will vary. To help you keep track of significant changes, we’ll be regularly updating this page with the size of the rate hikes and when they’ll come to effect.

Below is a snapshot of the average owner occupier^ home loan rates in our database as of July 5, 2022, to use as a reference point. Keep in mind, that these are likely to jump further in the coming week:

Loan TypeAverage
Variable3.65% p.a.
1-year fixed4.22% p.a.
2-year fixed4.87% p.a.
3-year fixed5.26% p.a.
4-year fixed5.69% p.a.
5-year fixed5.75% p.a.

Big Four

people struggling to climb up a rising graph for big bank rba rates

CommBank

  • Effective 15 July, CommBank will increase all its owner occupier and investor variable interest rates by 0.50% p.a.
  • And CommBank now has a special offer on a 15-month term deposit with a interest rate of 2.50% p.a

ANZ

  • Effective 15 July, all of ANZ home loan variable interest rates will increase by 0.50% p.a.
  • Effective 11 July, ANZ will offer a new 11-month term deposit at 2.50% p.a.

NAB

  • Effective 15 July, NAB will increase its variable home loan interest rates by 0.50% p.a.
  • It will also increase its Reward Saver account by 0.50% p.a.
  • And its 12 month term deposit will increase to 2.50% p.a.

Westpac

  • Effective 20 July, Westpac will increase its variable interest rates for home loans by 0.50% p.a.
  • Effective 22 July, its Westpac Life savings will increase by 0.50% p.a. to 1.35% p.a.
  • Effective 8 July, it will offer 12 to 23 months term deposit at 2.50% p.a.

Banks

woman picking up green block for bank rba hikes

MyState Bank

  • Effective 18 July, variable home loans will increase by 0.50% p.a.
  • Its Bonus Saver account will also increase by 0.50% p.a. making it 2.10% p.a.

Macquarie Bank

  • Effective 14 July, Macquarie Bank will increase its home loan variable rates by 0.50% p.a.
  • It also increased its savings account and transaction accounts interest rates to 1.75% p.a.
  • Also its 6 month term deposits will increase its rates to 2.40% p.a. and its one year term deposits to 3.25% p.a.

ING

  • Effective 12 July, ING will increase its home loan variable rates by 0.50% p.a.

Bankwest

  • Effective 15 July, Bankwest variable home loan interest rates will increase by 0.50% p.a.
  • Its Easy Saver account will also increase by 0.50% p.a. to 1.35% p.a.

Suncorp

  • Effective 15 July, Suncorp will increase variable home loans by 0.50% p.a.
  • Its Suncorp Growth Saver account will increase by 0.70% p.a. to a 2.00% p.a.
  • And its 18 month term deposit will increase to 3.00% p.a.

Bank of Queensland

  • Effective 9 July, BOQ will increase its variable home loan rates by 0.50% p.a.

ME Bank

  • Effective 9 July, ME Bank will increase its variable home loan interest rates by 0.50% p.a.
  • Effective 15 July, its Online Savings Account will increase to 1.60% p.a.

Newcastle Permanent 

  • Effective 15 July, Newcastle Permanent will increase its variable home loans by 0.50% p.a.

Bank SA

  • Effective 20 July, Bank SA will increase its variable home loans by 0.50% p.a.

Bank of Melbourne

  • Effective 20 July, Bank of Melbourne will increase its variable home loans by 0.50% p.a.

AMP Bank

  • Effective 15 July for new customers and 18th for existing, home loan variable rates will increase by 0.50% p.a.
  • Effective 1 August, its AMP Saver account will go up 2.10% p.a.

Bendigo and Adelaide Bank

  • Effective 15 July, its variable interest rate home loans will increase by 0.50% p.a.
  • Effective 27 July, its Reward Saver account will increase by 0.60% p.a.

Online Lenders

girl picking up pink blocks of rba hikes for online lenders

Virgin Money

  • Effective 9 July, Virgin Money will increase its variable home loan interest rates by 0.50% p.a.
  • Effective 15 July, it will also increase its Boost Saver Account to 2.30% p.a. and its Grow Saver Account to 1.50% p.a.

loans.com.au

  • Effective 8 July, loans.com.au will increase its home and car loans by 0.50% p.a.

Thinking about getting a home loan? Check out our home loan comparison page for more information. Or look at our home loan rate change calculator to see how the new hike might affect your repayments.

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

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  • 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.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
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    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • 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
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    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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • 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.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    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.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • 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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    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.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
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    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

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* 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.

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