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

people jumping off towers as rba hikes again

Last updated: 8 November at 8:52 am

The Reserve Bank Australia increased the cash rate by 25 basis points for the seventh month in a row, which it says is to combat inflation. Now the new rate sits at 2.85%.

With each change to the cash rate this year, lenders have raised their variable home loan rates in kind. As in previous months, chances are that financial institutions will  pass on the rate hike to customers.

Which lenders have moved on home loan interest rates?

Response times to the announcement will vary between lenders. To help you keep track of significant changes from popular lenders, this page will be regularly updated with the size of the increase and when it will come into effect.

Below, we’ve also included a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 1 November 2022 for reference. These numbers are likely to continue increasing in the coming weeks.

Loan TypeAverage
Variable5.17%
1-year fixed5.22%
2-year fixed5.67%
3-year fixed5.92%
4-year fixed6.17%
5-year fixed6.39%

Big Four

woman picking up green block for bank rba hikes

ANZ

  • Effective 11 November, ANZ will increase variable rates for home loans by 0.25% p.a.
  • Effective 10 November,  its Save Plus rate will increase to 3.50% p.a.
  • Effective 4 November, 12 and 18 month term deposits will increase to 4.00% p.a.

CommBank

  • Effective 11 November, CBA will increase home loan variable rates by 0.25% p.a.
  • It'll also increase several of its savings accounts by 0.25% to 0.30% p.a.

NAB

  • Effective 11 November, NAB will increase its home loan variable rates by 0.25% p.a.

WestPac

  • Effective 15 November, Westpac will increase its variable home loan rates by 0.25% p.a.
  • Effective 9 November, it will increase its Westpac Life bonus rate to 3.50%. Its Westpac eSaver variable rate will increase to 3.50% for new customers. 
  • Effective 4 November, term deposits will be 3.75% p.a. for 12 to 23 months.

Major Banks

people struggling to climb up a rising rate

Macquarie Bank

  • Effective 16 November, Macquarie will increase its variable home loans by 0.25% p.a.
  • Effective 3 November, its savings account welcome interest rate will increase to 4.25% p.a. for new customers.
  • Effective 16 November, ongoing interest rates for savings and everyday account will increase to 3.45% p.a.
  • Effective 3 November, Macquarie will increase several of its term deposit rates.

ING

  • Effective 8 November, ING will increase its home loan variable rates by 0.25% p.a.
  • Its Savings Maximiser account will increase to 4.30% p.a.

Bankwest

  • Effective 11 November, Bankwest will increase its home loan variable rates by 0.25% p.a.
  • Its Variable Hero rate will increase to 3.25% p.a. and its Easy Saver will increase to 2.85% p.a.

ME Bank

  • Effective 12 November, ME Bank will increase its home loan variable rates by 0.25% p.a.

Suncorp

  • Effective 11 November, Suncorp will increase its home loan variable rates by 0.25% p.a

Credit Union SA

  • Effective 9 November, variable home loan interest rates will increase by 0.25% p.a.

Bank of Melbourne

  • Effective 18 November, home loan variable rates will increase by 0.25% p.a.

BankSA

  • Effective 15 November, BankSA will increase its home loan variable rates will increase by 0.25% p.a.

St. George

  • Effective 15 November, St. George will increase its home loan variable rates will increase by 0.25% p.a.

Newcastle Permanent 

  • Effective 11 November, Newcastle Permanent will increase its home loan variable rates will increase by 0.25% p.a.

MyState Bank

  • Effective 15 November, MyState Bank will increase its home loan variable rates will increase by 0.25% p.a.
  • Its Boost Saver will increase to 3.85% p.a.

RACQ Bank

  • Effective 6 December, RACQ Bank will increase its home loan variable rates will increase by 0.25% p.a.

Bendigo Bank

  • Effective 11 November, Bendigo Bank will increase home loan variable rates by 0.25% p.a.
  • Effective 23 November, its Reward Saver deposit products will increase by 0.25% p.a.

Great Southern Bank

  • Effective 9 November, Great Southern Bank will increase its home loan variable rates by 0.25% p.a.

Online Lenders

girl picking up pink blocks

Virgin Money

  • Effective 11 November, Virgin Money will increase its home loan variable rates will increase by 0.25% p.a.

Looking for the right home loan? Visit our home loan comparison page, where you'll be able to filter your search by rate and type. And if you're an existing borrower, be sure to use our rate change calculator to see how rate hikes of various sizes might affect your repayments.

Loan details

Your remaining loan amount ($)
Your remaining loan term (years)

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 1 March 2024

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    interest rate
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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

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