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

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

Your remaining loan amount ($)
Your remaining loan term (years)

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 2 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
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    variable rate
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    Initial monthly repayment
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    Owner Occupier, Principal & Interest, LVR <60%

    variable rate
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    Initial monthly repayment
    6.09% p.a.
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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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