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 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 16 June 2024 Important disclosures and comparison rate warning*
  • 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
    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.

  • 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.

  • 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?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

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.

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