Home loan holders copping interest rate carnage with June RBA hike

By Evlin DuBose · · 2 min read
Fact Checked
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Reserve Bank of Australia Martin Place

In a call almost no leading economists predicted, the Reserve Bank of Australia doubled down its tightening bias today with another rate rise. The decision adds 25 basis points to official interest rates, pushing the cash rate to a decade-high of 4.10%. 

In his post-meeting statement, RBA governor Philip Lowe emphasised that despite a lack of meaningful data, he is determined to tighten the hold on inflation.

“Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range,” explained Lowe. 

“This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe.”

Indeed, while many economists at Australia’s major banks have estimated the cash rate would eclipse 4%, they didn’t expect the decision to come until July or August. The RBA has repeatedly demonstrated that if it can lean hawkish with monetary policy, it will. 

Today’s decision will also remind home loan borrowers that now is the time to cut back and economise – not spend. 

“The combination of higher interest rates and cost-of-living pressures is leading to a substantial slowing in household spending,” says Lowe.

“Housing prices are rising again and some households have substantial savings buffers, although others are experiencing a painful squeeze on their finances.”

RBA meeting minutes released later this month will likely go out of their way to justify today’s decision. Westpac made this criticism after last month’s surprise rate hike: everything seems obvious in hindsight, after all. Interest rate decisions that are won only by a slim majority must seem like inevitable conclusions. In reality, the RBA treads an incredibly narrow path. 

RELATED: How high will rates go?

The post-meeting statement reiterates this narrow path the RBA must navigate to achieve a ‘soft landing’, i.e. bring inflation down without plunging Australia into a recession. Little is certain, and the bank must make decisions reactive to the economic climate. 

But given the RBA had previously promised rates wouldn’t rise until 2024, it behoves us to remember that neither Philip Lowe nor the rest of the RBA Board can see the future. They fly just as blindly as everyone else, albeit with wealth and economics degrees in their back pockets .

Which banks have increased rates?

Collage of people walking a narrow path on a white background

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

Home Lender Rate change Effective date Expected variable rates from (p.a.) RBA Match
AMP Bank
0.25% 9 Jun 2023 6.89%
ANZ
0.25% 16 Jun 2023 8.39%
Athena
0.25% 9 Jun 2023 6.14%
Aussie
0.25% 13 Jun 2023 6.99%
Bank Australia
0.25% 22 Jun 2023 6.2%
Bank of Queensland
0.25% 16 Jun 2023 7.99%
Bankwest
0.25% 16 Jun 2023 8.75%
Bendigo Bank
0.25% 20 Jun 2023 8.78%
Beyond Bank
0.25% 20 Jun 2023 8.45%
Commonwealth Bank
0.25% 16 Jun 2023 8.55%
Great Southern Bank
0.25% 15 Jun 2023 6.79%
Greater Bank
0.25% 16 Jun 2023 7.61%
Heritage Bank
0.25% 22 Jun 2023 8.49%
HSBC
0.25% 26 Jun 2023 5.99%
IMB Bank
0.25% 20 Jun 2023 8.71%
ING
0.25% 14 Jun 2023 6.49%
loans.com.au
0.25% 9 Jun 2023 6.79%
Macquarie
0.25% 23 Jun 2023 6.96%
ME
0.25% 18 Jun 2023 8.61%
NAB
0.25% 16 Jun 2023 8.52%
Newcastle Permanent
0.25% 16 Jun 2023 8.25%
RAMS
0.25% 20 Jun 2023 8.61%
St. George
0.25% 20 Jun 2023 8.86%
Suncorp
0.25% 16 Jun 2023 8.98%
ubank
0.25% 15 Jun 2023 6.69%
Westpac
0.25% 20 Jun 2023 8.58%

Read last month's Reserve Bank interest rates update.

Last updated 16 May 2025 Important disclosures and comparison rate warning*
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Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

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    • 20% min deposit
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    Interest rate
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    Initial monthly repayment
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    Interest rate
    5.78 % p.a.
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    5.82 % p.a.
    Initial monthly repayment
    $2,927
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    • $0 application fee to pay
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    • Owner occupier
    • Principal & Interest
    • 20% min deposit
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    Interest rate
    5.79 % p.a.
    Variable
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    5.82 % p.a.
    Initial monthly repayment
    $2,931
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    • Get up to $4,000 cashback (T&Cs apply)
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  • Promoted

    Home Loan

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    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
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    5.70 % p.a.
    Initial monthly repayment
    $2,899
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    • 5% min deposit
    Interest rate
    5.49 % p.a.
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    5.91 % p.a.
    Initial monthly repayment
    $2,836
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    • Fixed rate
    • Owner occupier
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    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Offset and non-offset options for flexible payments
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  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.79 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No monthly or annual fees
    • Make extra repayments, access to redraw and pay out early without penalty
    • Choose weekly, fortnightly or monthly repayments

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
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    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay

  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
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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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