November RBA rate hike: Which banks have increased home loan rates?
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 Type | Average |
Variable | 5.17% |
1-year fixed | 5.22% |
2-year fixed | 5.67% |
3-year fixed | 5.92% |
4-year fixed | 6.17% |
5-year fixed | 6.39% |
Big Four
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
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
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
Repayment change if rates go up
Home loan comparisons on Mozo - last updated 20 May 2024
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Owner Occupier, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a. variable5.90% p.a.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.
CompareCompareUnloan Variable
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.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment6.25% p.a.
fixed 3 years6.20% p.a.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.
CompareCompareBasic Home Loan
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.
- interest rate
- 6.25% p.a.
fixed 3 years
- comparison rate
- 6.20% p.a.
- interest rate
- 6.25% p.a.
fixed 3 years
- comparison rate
- 6.20% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Discounted Home Value Loan
Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a. variable6.09% p.a.Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
CompareCompareDiscounted Home Value Loan
Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $15,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the HSBC Discounted Home Value Loan
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Investment, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.29% p.a. variable6.20% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
CompareCompareUnloan Variable
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 60-70%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.41% p.a.Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
CompareCompareFlex Home Loan
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- Upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ubank Flex Home Loan
-
Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment6.54% p.a.
fixed 2 years7.10% p.a.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.
CompareCompareFixed Rate
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.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- Upfront fees
- $160
- Ongoing fees
- $0.00
- Discharge Fee
- $160.00
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about the ANZ Fixed 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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