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

By Maria Gil · · 3 min read
Fact Checked
Advertiser disclosure
people jumping off towers as the cash rate goes up

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.

Loan TypeAverage
Variable4.56%
1-year fixed5.00%
2-year fixed5.53%
3-year fixed5.81%
4-year fixed6.01%
5-year fixed6.25%

Big Four

woman picking up a green block

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.

Banks

people struggling to climb up ladders

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.

Online Lenders

girl picking up pink blocks

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.

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.

  • 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.

  • 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.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

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.

Compare home loans