13th RBA rate hike: The list of banks that have increased home loan rates

RBA governor Michele Bullock interest rate decision

The Reserve Bank of Australia has given inflation another astonishing kick with a thirteenth rate hike. The decision lifts the official cash rate by 25 basis points to 4.35%. For mortgage holders, November will offer no relief as the changes ripple across home loans.

The November rate hike is the first official interest rate change from new RBA governor Michele Bullock, and breaks the five-month rate hold maintained by the RBA to combat inflation.

"Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago," Bullock said. 

Another hike was deemed necessary after a surprisingly high September Consumer Price Index . While we’re still on the downhill slope, today’s hike was to ensure the slowdown sticks. 

The RBA’s monetary policy has been extremely hawkish during this cycle, despite the extended pause. Each decision to hike serves as a reminder not to get complacent. 

Home values have steadied amid higher listings and surprisingly warm buyer demand into spring, and unemployment remains at historic lows. But even these gains might be at risk with the cash rate at an eleven-year high.

“One of the things the RBA is trying to do is to increase unemployment, and that happens when businesses are not getting the revenue and, therefore, profits they need to sustain their operations. So they start cutting staff,” explains Mozo banking expert Peter Marshall.

“So that’s one way the RBA inflicts pain on people to help drive inflation down. And you know, former RBA governor Philip Lowe made that very clear during his term he wants to see unemployment higher. He wants it to go up around 5% – ‘where it should be.’”

A rise in unemployment is a major hallmark of a recession, which many pundits claim may be the inevitable cost of tackling inflation. Australians now sit between a rock and a hard place: inflation or recession. 

So which monster is worse? Former RBA governor Philip Lowe consistently maintained that inflation damages the economy far more than rate hikes, even if some Aussies hurt more than others. But this is a bitter pill for households who have cut back and saved yet still struggle with the cost of living.

“They want some people not to be able to afford the cost of living. Harsh reality, but that is their game. Annoying, isn’t it? It’s a terrible way to run people’s lives,” explains Marshall. 

“But I agree with Lowe’s rhetoric. Inflation is a terrible thing to live with. It means the money everybody has is constantly losing value, and it becomes harder and harder to live. So it depends whether you’re going to hurt everybody with inflation or hurt a few people with rate hikes. And I don’t know if there’s a correct call on that.”

Which banks have increased home loan rates?

Home Loan Old rate New rate Effective date Rate change Naughty or Nice
7.39 7.64 13 Nov 2023 0.25
7.19 7.44 17 Nov 2023 0.25
6.29 6.54 9 Nov 2023 0.25
6.99 7.24 16 Nov 2023 0.25
6.2 6.45 21 Nov 2023 0.25
7.99 8.24 10 Nov 2023 0.25
8.62 8.87 17 Nov 2023 0.25
8.78 9.03 17 Nov 2023 0.25
8.45 8.7 21 Nov 2023 0.25
8.55 8.8 17 Nov 2023 0.25
6.79 7.04 14 Nov 2023 0.25
7.61 7.86 17 Nov 2023 0.25
8.49 8.74 21 Nov 2023 0.25
8.51 8.76 27 Nov 2023 0.25
8.71 8.96 17 Nov 2023 0.25
6.44 6.69 14 Nov 2023 0.25
loans.com.au Smart Home Loan 90 (Owner Occupier, Principal & Interest)
6.79 7.04 10 Nov 2023 0.25
7.05 7.3 17 Nov 2023 0.25
8.61 8.86 11 Nov 2023 0.25
7.52 7.77 17 Nov 2023 0.25
8.25 8.5 17 Nov 2023 0.25
RAMS Full Feature (Owner Occupier, Principal & Interest, LVR<95%)
8.61 8.86 21 Nov 2023 0.25
8.86 9.11 21 Nov 2023 0.25
8.98 9.23 17 Nov 2023 0.25
6.44 6.69 16 Nov 2023 0.25
8.88 9.13 21 Nov 2023 0.25

We’ll track which lenders have changed home loan interest rates as word comes in. To see how your lender compares, visit our home loan comparison page.

How high will interest rates go in 2023? This may be the finale

RBA governor Michele Bullock interest rate decision

Charting the path of future rate hikes has always been a tricky business. Economic landscapes constantly evolve, and not even the RBA thought rates would go so high so quickly. But with thirteen rate hikes behind us now, mortgage-stressed borrowers will wonder how much further we must go. 

NAB has long been predicting an RBA hike in November, and CBA, ANZ, and Westpac changed their minds after the quarterly inflation data was released. However, the Big Banks agree this is the last rate hike for this year – and most likely, the last rate hike for this cycle, pending any further upside surprises in 2024. 

“So many cracks are appearing right now that indicate the economy is slowing and crashing. We’re more likely about to hit a recession, and that will see the rate increases stop,” explains Marshall. 

“Home loan delinquencies are going up, distressed sales are increasing. People are starting to have to sell houses they bought in the last couple of years at a lower price, so they’re taking losses. More businesses are closing down.”

And with core inflation showing signs of slowing, despite the moderate upset in September, the RBA may finally have gotten its wishes. “The economy is coming to a halt,” says Marshall. 

So the good news is that 4.35% may be the terminal cash rate. However, the RBA will continue to watch inflation like a hawk, leaving the future open to more rate rises if necessary.

Read last month's Reserve Bank interest rates update.

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Last updated 11 December 2024 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • 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.

  • Promoted

    Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    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.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Promoted

    Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Promoted

    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.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,931
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • 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.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • 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.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.33 % p.a.
    Initial monthly repayment
    $3,027
    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.

  • 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.

  • 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.

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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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