Which home loan lenders have raised interest rates?

You might have assumed you were safe against a home loan rate rise until the Reserve Bank of Australia lifts rates, but times are changing with APRA requiring major home loan lenders to increase their capital by July 1 next year.
And where will they find this extra capital? Your hip pocket, of course.
Westpac was the first bank to lift its variable rates last month. And as expected the other majors - CommBank, ANZ and NAB - followed suit lifting their rates for both investors and owner occupiers.
Since the major banks announced last month they will increase their variable rates, more rate hikes have followed from Australia's other lenders including St.George, Macquarie Bank, Bendigo Bank, Adelaide Bank, AMP, Bankwest, Big Sky, Citibank, ME, Suncorp, CUA and Bank of Queensland.
<<Update>> ING Direct has announced it will increase interest rates by 18 basis points.
So how much will these rate rises cost you? Scan the tables below which use three mortgage scenarios - $300k, $500k and $750k - to see the dollar difference each month and over a 25 year period.
Scenario 1 - $300,000 home loan over 25 years
Current standard variable rate | Current monthly repayments | New standard variable rate | New monthly repayments | Monthly difference | 25 year difference | |
---|---|---|---|---|---|---|
Westpac | 5.48% | $1,839 | 5.68% | $1,875 | $36 | $10,791 |
CBA | 5.40% | $1,824 | 5.60% | $1,860 | $36 | $10,749 |
ANZ | 5.38% | $1,821 | 5.56% | $1,853 | $32 | $9,660 |
NAB | 5.43% | $1,830 | 5.60% | $1,860 | $30 | $9,143 |
St.George | 5.54% | $1,849 | 5.69% | $1,876 | $27 | $8,106 |
Macquarie | 5.50% | $1,842 | 5.70% | $1,878 | $36 | $10,801 |
Bendigo Bank | 5.56% | $1,853 | 5.68% | $1,875 | $22 | $6,487 |
Scenario 2 - $500,000 home loan over 25 years
Current standard variable rate | Current monthly repayments | New standard variable rate | New monthly repayments | Monthly difference | 25 year difference | |
---|---|---|---|---|---|---|
Westpac | 5.48% | $3,064 | 5.68% | $3,124 | $60 | $17,984 |
CBA | 5.40% | $3,041 | 5.60% | $3,100 | $59 | $17,916 |
ANZ | 5.38% | $3,035 | 5.56% | $3,088 | $53 | $16,101 |
NAB | 5.43% | $3,050 | 5.60% | $3,100 | $50 | $15,240 |
St.George | 5.54% | $3,082 | 5.69% | $3,127 | $45 | $13,511 |
Macquarie | 5.50% | $3,070 | 5.70% | $3,130 | $60 | $18,002 |
Bendigo Bank | 5.56% | $3,088 | 5.68% | $3,124 | $36 | $10,811 |
Scenario 3 - $750,000 home loan over 25 years
Current standard variable rate | Current monthly repayments | New standard variable rate | New monthly repayments | Monthly difference | 25 year difference | |
---|---|---|---|---|---|---|
Westpac | 5.48% | $4,597 | 5.68% | $4,687 | $90 | $26,976 |
CBA | 5.40% | $4,561 | 5.60% | $4,651 | $90 | $26,874 |
ANZ | 5.38% | $4,552 | 5.56% | $4,633 | $81 | $24,152 |
NAB | 5.43% | $4,574 | 5.60% | $4,651 | $77 | $22,859 |
St.George | 5.54% | $4,624 | 5.69% | $4,691 | $67 | $20,266 |
Macquarie | 5.50% | $4,606 | 5.70% | $4,696 | $90 | $27,002 |
Bendigo Bank | 5.56% | $4,633 | 5.68% | $4,687 | $54 | $16,216 |
How to beat the big bank rate rise
There is one action which could save you a bundle in cash each month and a small fortune over the life of the home loan - refinancing.
Scenario time: Say are signed up with Westpac and your home loan’s rate is set to increase by 20 basis points to 5.68%, by switching to UBank’s UHomeLoan - Spring Offer (Owner Occupier, Principal & Interest) with a 3.99% interest rate (on a $500,000 home loan over 25 years) you would save $488 each month and $146,398 over the life of the loan.
Home loan comparisons on Mozo - last updated 9 December 2023
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.74% p.a. variable5.65% p.a.For refinancers only. 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 in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. 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 in as little as 10 minutes.
- interest rate
- 5.74% p.a. variable
- comparison rate
- 5.65% p.a.
- interest rate
- 5.74% p.a. variable
- comparison rate
- 5.65% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.15% p.a. variable6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
CompareCompareHome Variable Rate
Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.15% p.a.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.15% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Up Home Variable Rate
-
Mozo experts choice awards won:
- Packaged Home Loan - 2023
Variable Rate Home Loan Special Offer
Package, Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.51% p.a.Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
CompareCompareVariable Rate Home Loan Special Offer
Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.51% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.51% p.a.
- Upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $0 package fee for the first year.
Read our Mozo Review to learn more about the Credit Union SA Variable Rate Home Loan Special Offer
-
Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.43% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.43% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Investment, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.04% p.a. variable5.95% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
* 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.