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

Last Updated: 3:217 pm 12 September

The latest Reserve Bank Australia cash rate increase is 50 basis points, bringing the official rate to 2.35% as of September 2022.

This is the fifth increase of the year, with possibly more to come before 2023. Westpac and NAB economists predict that the official cash rate might reach a high of 3.35%.

With every cash rate hike, we’ve seen lenders increase their interest rates for variable home loan rates, fixed home loan rates, savings accounts and term deposits. In August, we saw most lenders tracked in Mozo’s database pass the entire 50bp hike to customers with few exceptions. Just like in previous months, chances are that financial institutions will once again pass the rate hike to their customers.

Which lenders have moved on home loan interest rates?

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

Below we’ve put a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 6 September 2022 to reference. These numbers are likely to jump in the coming weeks.

Commonwealth Bank

• Effective 16 September, Commbank will increase its  variable rates by 0.50% p.a.
• It will also increase several of its savings accounts by 0.60% p.a.

ANZ

• Effective 16 September, ANZ will increase its  variable rates by 0.50% p.a.

NAB

• Effective 16 September, NAB will increase its  variable rates by 0.50% p.a.

Westpac

• Effective 20 September, Westpac will increase its home loan variable rates by 0.50% p.a.
• Several of its savings and term deposit rates will also increase.

Auswide Bank

• Effective 20 September, Auswide Bank variable loan interest rates will increase by up to 0.50% p.a.

Firstmac

• Effective 9 September, Firstmac will increase all its variable loan interest rates by 0.60% p.a.

Greater Bank

• Effective 14 September, will increase its variable home loan interest rates by 0.45% p.a.

• The bank will also increase the rates for several of its term deposits.

• Its Life Saver account will also increase by 0.50% p.a. to 1.50%.

Bankwest

• Effective 16 September, Bankwest will increase its variable home loan interest rates by 0.50% p.a.

Bendigo Bank

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

ING

• Effective 15 September, ING will increase its home loan variable rates by 0.50% p.a.

BankSA

• Effective 20 September, BankSA will increase its variable home loan rates by 0.50% p.a.

AMP Bank

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

Homestar Finance

• Effective 8 September, Homestar Finance will increase its variable home loans by 0.50% p.a.

NANO

• Effective 20 September, Nano will increase its home loan variable interest rates by 0.50% p.a.

Virgin Money

• Effective 16 September, Virgin Money will increase its variable home loans by 0.50% p.a.

ME

• Effective 17 September, ME will increase its variable home loans by 0.50% p.a.

Worried about about getting a home loan? Check out our home loan comparison page for more information. Or look at our home loan rate change calculator to see how the new hike might affect your repayments.