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

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 search our database of 473 home loans.
Last updated 22 June 2024 Important disclosures and comparison rate warning*
  • 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.

  • 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.

  • 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.

  • 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.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • 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.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • 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.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • 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
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • 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
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    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

Need help with refinancing?

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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.

^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.