May RBA rate hike: Which banks have increased home loan rates?

Collage of people jumping on red bars.

Last updated: 10:29 am 10 May 2022

After much anticipation, the Reserve Bank has announced an official cash rate increase – this time by 25 basis points to 0.35%.

This increase has wide-ranging repercussions. For a start, many property owners might see their repayment amounts grow as their lender increases home loan interest rates in step with the official rate hike, while future buyers could find entering the market more difficult. 

Since the start of the year, we’ve seen many banks increase their home loan interest rates across the board, to the point that most below ‘2’ fixed rates are gone. The latest cash rate move will likely impact home loan rates further. 

Right now many Australians have the same question in mind: ‘Has my lender passed on the hike to my home loan rate?’

If the reaction from banks and lenders is anything like the response following the RBA’s cut in November 2020, responses will be varied. Some lenders will move more quickly while others will be slower.

We’ll be regularly updating this page with significant changes from the major and minor lenders as they flow in, including the size of any 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 May 3, 2022 to use as a reference point. Keep in mind, these are likely to jump further in the coming week:

Loan TypeAverage rate
Variable3.02% p.a.
1-year fixed3.08% p.a.
2-year fixed3.65% p.a.
3-year fixed4.10% p.a.
4-year fixed4.52% p.a.
5-year fixed4.67% p.a.

Big Four

house prices going up, interest rates going up

ANZ

  • Effective 13 May, 2022, ANZ's variable rate home loans will increase by 0.25% p.a.
  • Its Standard Variable Rate home loans (OO, P&I) now sit at 4.64% p.a.
    • It will also increase the Progress Saver bonus interest rate by 0.25% p.a.

Commonwealth Bank

  • Its Standard Variable Rate home loans (OO, P&I) now sit at 4.80% p.a.

Westpac

  • Effective 17 May, 2022, Westpac's variable rate home loans will increase by 0.25% p.a.
  • Its Standard Variable rate home loans (OO,P&I) now sit at 4.58% p.a.
  • Westpac subsidiaries (St. George, BankSA and Bank of Melbourne) will also increase variable home loans by 0.25% p.a.

NAB

  • Effective 13 May, NAB's variable rate will increase by 0.25% p.a.
  • Its Standard Variable Rate home loans (OO, P&I) now sits at 4.77% p.a.
  • The reward saver bonus interest rate will also increase by 0.25%

Banks

interest rates from banks are going up

Bankwest

  • Effective 18 May, Bankwest's variable rate will increase by 0.25% p.a.
  • Its Standard Variable Rate home loans (OO, P&I) now sit at 4.75% p.a.

Macquarie Bank

  • Effective 13 May, Macquarie's variable rate will increase by 0.25% p.a.
  • Its Standard Variable rate home loans (OO,P&I) now sit at 2.69% p.a.
  • Savings account rates will increase to 1.50%

Suncorp Bank

  • Effective 18 May, Suncorp's variable rate will increase by 0.25% p.a.
  • Its Standard Variable rate home loans (OO,P&I) now sit at 4.98% p.a.
  • 12-month term deposits will also increase to 1.40%

ING

  • Effective 10 May, ING will increase its variable home loan interest rates by 0.25% p.a.
  • It's standard variable rate home loan (OO, P&I) currently sits at 2.29% p.a. 

Greater Bank

  • Effective 10 May, Greater Bank will increase its variable rate by 0.25% p.a.

Bank of Queensland

  • Effective 13 May, Bank of Queensland will increase its variable home loan rates by 0.25% p.a.
  • Term investments for 1-5 year terms will also increase by 0.25% p.a.

HSBC

  • Effective 23 May, HSBC will increase its home loan variable rates by 0.25% p.a.

AMP Bank

  • Effective 13 May for new customers, AMP will increase its home loan variable rates by 0.25% p.a.
  • Effective 16 May for existing customers, home loan variable rates will increase by 0.25% p.a.
  • Effective 10 May, several AMP Notice Accounts will also increase its interest rates.

Bendigo Bank

  • Effective 16 May, Bendigo and Adelaide Bank are increasing variable home loans by 0.25%
  • Reward Saver will increase by 0.25%

Great Southern Bank (formerly CUA)

  • Effective 12 May, variable home loans will increase by 0.25%

Hume Bank

  • Effective 25 May, Hume Bank will increase variable home loan interest rates by 0.25%.

IMB Bank

  • Effective 20 May, IMB Bank will increase its home loan variable interest rates by 0.25%

Police Bank

  • Effective 10 May, Police Bank to increase variable home loan rates by 0.10%

Online Lenders

stairs pointing up

Athena

  • Effective 5 May, Athena will increase all standard variable rates by 0.25% p.a.

Virgin Money

  • Effective 13 May, Virgin money will increase its variable home loan interest rates by 0.25% p.a.

ME Bank

  • Effective 13 May, ME will raise variable home loan interest rates by 0.25% p.a.

Looking for a home loan? Head over to our home loans comparison page for more information on how the RBA rate change has affected the rates. Alternatively, check out our home loan rate change calculator to see how the hike might affect your mortgage repayments.

Loan details

Rate change

Repayment change if rates change

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Last updated 23 July 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Promoted

    Everyday Home Loan

    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.59 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Access unlimited free redraw on extra repayments
    • No monthly account keeping fees
    • Option to split your loan (fee applies)
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Optimum Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    4.99 % p.a.
    Fixed 1 year
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • No application, establishment or monthly fees
    • Make extra repayments up to $20,000 per year
    • Free redraw facility to access additional funds
  • 2-Year Discounted Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Refinance only
    • Redraw available
    Interest rate
    5.24 % p.a.
    Variable for 24 months and then 5.49% p.a.
    Comparison rate
    5.45 % p.a.
    Initial monthly repayment
    $2,758
    Go to site
    • 2-year discounted variable rate offer for owner-occupiers
    • No application or ongoing fees and up to $1,000 towards legal and valuation costs (T&Cs apply)
    • Make unlimited extra repayments and access free redraw anytime
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.50 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate
  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.52 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months
  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Fixed 2 years
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,848
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.57 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available
  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.58 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Everyday Home Loan

    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.59 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Access unlimited free redraw on extra repayments
    • No monthly account keeping fees
    • Option to split your loan (fee applies)
  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.63 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $2,880
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay
  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
Showing 16 results from 408 home loans. Use the filters to see more

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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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