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

By Maria Gil · · 3 min read
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people jumping off as rba cash rate goes up

Last Updated: 10 October at 12:35 pm

The Reserve Bank Australia increased the cash rate by 25 basis points at its October meeting, continuing a six month long campaign to bring inflation under control. The decision leaves the cash rate sitting at 2.60% — the highest it's been since August 2013.

With each change to the cash rate this year, lenders have been quick to raise their variable home loan rates in kind. This has been the case across the market with few exceptions. As in previous months, chances are that financial institutions won't hesitate to 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, this page will be regularly updated with popular lenders' decisions, including 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 4 October 2022 for reference. These numbers are likely to jump up significantly in the coming weeks.

Loan TypeAverage
Variable4.98%
1-year fixed5.06%
2-year fixed5.57%
3-year fixed5.81%
4-year fixed6.07%
5-year fixed6.30%

Big Four

woman pick up green block for rba hikes

ANZ

  • Effective 14 October, ANZ will increase rates on variable home loans by 25 basis points.
  • Effective 12 October, ANZ Plus Save account will increase to 3.25% p.a.

Commonwealth Bank

  • Effective 14 October, CBA will increase interest rates on variable home loans by 25 basis points.
  • Effective 14 October, CBA will increase several of its savings accounts.
  • Effective 10 October, the bank will also increase a number of its term deposits. Its 12 month deposit will increase to 3.35% p.a. and its 18 month term deposits will increase to a special 3.70% p.a.

NAB

  • Effective 14 October, NAB will increase rates on variable home loans by 25 basis points.

Westpac

  • Effective 18 October, Westpac will increase rates on variable home loans by 25 basis points.
  • It has also increased the interest rate several of its savings accounts.

Banks

people struggling to climb up a rising rba hikes

Macquarie Bank

  • Effective 14 October, Macquarie will increase its variable home loans by 0.25% p.a.
  • Effective 6 October, its savings accounts welcome rate will increase to 4.00% p.a. for the first four months.
  • Effective 14 October, the ongoing interest rate for savings and everyday transaction accounts will increase tp 3.20% p.a.
  • Its 1-year term deposits will increase to 3.80% p.a.

Suncorp

  • Effective 14 October, Suncorp will increase its home loan variable rates by 0.25% p.a.

MyState Bank

  • Effective 17 October, MyState Bank will increase its home loan variable rates by 0.25% p.a.
  • It will also increase its Bonus Saver Account by 0.40% p.a.

ING

  • Effective 11 October, ING will increase its variable home loans by 0.25% p.a.
  • Its Savings Maximiser account will increase to 4.05% p.a.

Bank of Queensland

  • Effective 14 October, Bank of Queensland will increase its variable home loan by 0.25% p.a.

ME Bank

  • Effective 15 October, ME Bank will increase its home loan variable interest rates by 0.25% p.a.

Bankwest

  • Effective 14 October, Bankwest is increase its variable home loans by 0.25% p.a.
  • Its Hero Bonus Saver will increase to 2.75% p.a. and its Easy Saver will increase to 2.60% p.a.

Newcastle Permanent 

  • Effective 14 October, home loan variable home loans will increase by 0.25% p.a.

St. George/Bank of Melbourne/BankSA

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

MyState Bank

  • Effective 15 November, MyState Bank will increase home loan variable rates 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 pink blocks with the rba hike

Virgin Money

  • Effective 14 October, Virgin Money will increase its variable home loan interest rates by 0.25% p.a.

Athena

  • Effective 7 October, Athena will increase its owner occupier home loan variable rates by 0.25% p.a. It will increase its investor home loan variable rates by 0.10% p.a.

Nano

  • Effective 11 October, Nano will increase its home loans variable rates by 0.25% p.a.

loans.com.au

  • Effective 10 October, loans.com.au will increase its home loan variable rates 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

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 compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

Promoted

  • 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.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    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.

  • Special Real Deal Home Loan

    • 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.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • 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.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

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

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    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.

  • Special Real Deal Home Loan

    • 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.

  • 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.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

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

  • 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 $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    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?

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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.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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