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

By Maria Gil · · 4 min read
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people jumping off towers as the rba cash rate goes up

Last Updated: 10:20 am 14 June 2022

This month, the Reserve Bank announced another cash rate hike – this time by 50 basis points to 0.85%.

We have already seen several banks pass on the previous rate hike to their customers with many increasing their variable rate home loans by at least 0.25%. With rate increases across the board, we also said goodbye to the last fixed rate loans starting with a ‘1’ in late May. 

While the RBA cash rate tends to affect variable home loan rates, we are seeing an increase in fixed interest rates, too. Before today's announcement, big banks like CommBank and ANZ had already increased their fixed rates.

Many homeowners might have already seen their home loan repayments go up in the last couple of weeks. However, that’s just the beginning. Chances are that this will not be the last increase we’ll see, as Westpac predicts that rates will go up to 1.75% by the end of the year.

Just like last month, responses from banks and lenders will vary and you might expect some to announce their new rates quicker than others. 

To help you keep track, this page will regularly be updated with significant changes from major and minor lenders as they come in, including the size of the hike and when it’ll go into effect.

Below is a snapshot of the average owner occupier home loan rates in our database as of June 7, 2022 to use as a reference point. Keep in mind that these are likely to jump further in the coming week:

Loan typeAverage rate
Variable3.23% p.a.
1-year fixed3.58% p.a.
2-year fixed4.24% p.a.
3-year fixed4.67% p.a.
4-year fixed5.10% p.a.
5-year fixed5.20% p.a.

Big Four

people struggling to climb up a rising graph for big rba banks rates

Westpac

  • Effective 21 June, Westpac's variable interest rates will increase by 0.50% p.a.
  • It will also introduce a 12 month term deposit of 2.25% p.a. 

Commonwealth Bank

  • Effective 17 June, CommBank will increase its variable home loan interest rates by 0.50% p.a.
  • It will also increase the bonus interest rates of its GoalSaver and YouthSaver accounts by 0.50% p.a.
  • They are also extending the availability of its 18-month term deposit of 2.25% p.a.

ANZ

  • Effective 17 June, ANZ will increase its home loan variable interest rates by 0.50% p.a.
  • Effective 13 June, the bank will offer 2.25% p.a. for its 11-month term deposit.

NAB

  • Effective 17 June, NAB will increase its home loan variable interest rates by 0.50% p.a.
  • It will also offer a special 12-month term deposit with an interest rate of 2.25% p.a.

Banks

woman picking up a green block for banks rba hikes

Bank of Queensland

  • Effective 14 June, Bank of Queensland will increase its variable home loan interest rates by 0.50% p.a.

ME Bank

  • Effective 18 June, ME Bank will increase its variable home loan interest rates by 0.50% p.a.

Macquarie Bank

  • Effective 17 June, Macquarie will increase its variable home loan interest rates by 0.50% p.a.

ING

  • Effective 15 June, ING will increase its variable home loan interest rates by 0.50%.
  • It also increased its ongoing variable savings interest rate by 0.75% p.a.
  • Effective 10 June, 12 month term deposit rates will go up to 2.75% p.a.

Bankwest

  • Effective 17 June, Bankwest will increase its variable home loan interest rates by 0.50% p.a.
  • Also bonus interest rate for some savings accounts will increase by 0.50% p.a.

Suncorp 

  • Effective 15 June, Suncorp will increase its home loan variable interest rates by 0.50% p.a.

Bendigo and Adelaide Bank

  • Effective 17 June, Bendigo and Adelaide Bank will increase its variable home loans interest rates by 0.50% p.a.
  • It will also increase many of its deposits products by 0.50% p.a.

Auswide Bank

  • Effective 22 June, Auswide will increase its variable home loan and business loan interest rates by 0.50% p.a.
  • Effective 14 June, select term deposits will also be increased.

IMB Bank

  • Effective 17 June, IMB Bank will increase its variable home loans interest rates by 0.50% p.a.

Heritage Bank

  • Effective 20 June, Heritage Bank will increase its variable interest rate home loans by 0.50% p.a.

Greater Bank

  • Effective 16 June, Greater Bank will increase its home loan variable interest rates by 0.50% p.a.

Great Southern Bank

  • Effective 22 June, Great Southern Bank will increase its home loans variable interest rates by 0.50% p.a.

BCU

  • Effective 28 June, BCU will lift its variable home loans by 0.50% p.a.
  • It will also increase its savings accounts rates by 0.55% p.a.
  • Effective 17 June, term deposits will increase by 0.55% p.a.

Bank of Us

  • Effective 17 June, Bank of Us will increase its variable interest rates for its home loans by 0.50% p.a.

Bank First

  • Effective 24 June, Bank First will increase its home loan variable interest rates by 0.50% p.a.

Online Lenders

girl picking pink blocks of rba hikes for online lenders

Loan details

Rate change

Repayment change if rates go up

Virgin Money

  • Effective 14 June, Virgin Money will increase its variable home loan interest rates by 0.50% p.a.

RACQ

  • Effective 23 June, RACQ will increase its variable home loan interest rates (except its Green Home Loans) by 0.50% p.a.
  • Term deposits will also increase by 1.00%

Homestar Finance

  • Effective 17 June, Homestar will increase its owner occupier variable home loan interest rates by 0.46% p.a. and 0.50% p.a. for investors.

Thinking about getting a home loan? Check out our home loan comparison page for more information. Alternatively, check out our home loan rate change calculator to see how the new hike might affect your repayments.

Home loan comparisons on Mozo

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

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    $2,995
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    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.

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    Initial monthly repayment
    $2,995
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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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    Initial monthly repayment
    $3,001
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    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.

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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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    • 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

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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
    $3,043
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  • Fixed Rate

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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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