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

By Maria Gil · · 3 min read
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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 go up

Home loan comparisons on Mozo

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Last updated 27 July 2024 Important disclosures and comparison rate warning*

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    • Owner Occupier
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    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.

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    Variable
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    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.

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    • 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.

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    Interest rate
    6.14 % p.a.
    Variable
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    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.

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

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  • Fixed Rate

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    Fixed 2 years
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    7.10 % p.a.
    Initial monthly repayment
    $3,174

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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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