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- Who has announced rate hikes for home loan customers in June?
Who has announced rate hikes for home loan customers in June?
Check out our live bank rate hike tracker now
The Reserve Bank of Australia has hiked the cash rate yet again this month, and homeowners will want to know when their lender will pass this interest rate increase on to them. At the time of publishing, 28 lenders have announced they are increasing variable home loan rates – including the big four banks.
After twelve cash rate hikes since April 2022, homeowners are likely struggling to keep up with their rising mortgage repayments. In fact, RateCity research shows that this latest cash rate hike is the equivalent of paying an extra $1,701 each month on a $750,000 home loan since the increases began.
That’s roughly the same as paying for flights to America, or buying a MacBook Air, every single month.
Which lenders have announced mortgage interest rate increases?
Lender | Rate Change | Date Effective |
Commonwealth Bank | 0.25% | 16-Jun-23 |
Westpac | 0.25% | 20-Jun-23 |
NAB | 0.25% | 16-Jun-23 |
ANZ | 0.25% | 16-Jun-23 |
AMP Bank | 0.25% | 9-Jun-23 |
Athena Home Loans | 0.25% | 9-Jun-23 |
Australian Military Bank | 0.25% | 20-Jun-23 |
Australian Unity | 0.25% | 15-Jun-23 |
Auswide Bank | 0.25% | 8-Jun-23 |
Bank Australia | 0.25% | 22-Jun-23 |
Bank of Queensland | 0.25% | 15-Jun-23 |
Bank of us | 0.25% | 20-Jun-23 |
Bankwest | 0.25% | 16-Jun-23 |
Bendigo & Adelaide Bank | 0.25% | 20-Jun-23 |
Credit Union SA | 0.25% | 15-Jun-23 |
Firstmac | 0.25% | 8-Jun-23 |
Greater Bank | 0.25% | 16-Jun-23 |
Homestar Finance | 0.25% | 7-Jun-23 |
Horizon Bank | 0.25% | 8-Jun-23 |
ING | 0.25% | 14-Jun-23 |
loans.com.au | 0.25% | 8-Jun-23 |
Macquarie Bank | 0.25% | 23-Jun-23 |
ME Bank | 0.25% | 17-Jun-23 |
Mortgage House | 0.25% | 8-Jun-23 |
Newcastle Permanent | 0.25% | 16-Jun-23 |
RACQ Bank | 0.25% | 19-Jun-23 |
Suncorp Group | 0.25% | 16-Jun-23 |
Virgin Money | 0.25% | 15-Jun-23 |
Source: RateCity.com.au. Data accurate as of 13/06/2023
- Is your lender not on the list yet? Check our live RBA cash rate tracker page and hop on our mailing list to be notified when your lender announces rate changes.
How much more will your mortgage repayments be following the June cash rate hike?
The cash rate now sits at 4.10%. So, exactly how much higher will your mortgage repayments be now? RateCity has crunched the numbers on several home loan amounts to determine what your repayments could be after the June hike - if your lender has passed on every increase in full.
$500,000 home loan: mortgage repayments after cash rate hikes
Month | Estimated repayment | Difference |
Apr-22 | $2,335 | / |
May-22 | $2,400 | $65 |
Feb-23 | $3,243 | $908 |
Mar-23 | $3,318 | $983 |
May-23 | $3,393 | $1,058 |
Jun-23 | $3,469 | $1,134 |
$750,000 home loan: mortgage repayments after cash rate hikes
Month | Estimated repayment | Difference |
Apr-22 | $3,502 | / |
May-22 | $3,599 | $97 |
Feb-23 | $4,864 | $1,362 |
Mar-23 | $4,977 | $1,474 |
May-23 | $5,090 | $1,587 |
Jun-23 | $5,204 | $1,701 |
$900,000 home loan: mortgage repayments after cash rate hikes
Month | Estimated repayment | Difference |
Apr-22 | $4,203 | / |
May-22 | $4,319 | $117 |
Feb-23 | $5,837 | $1,634 |
Mar-23 | $5,972 | $1,769 |
May-23 | $6,108 | $1,905 |
Jun-23 | $6,244 | $2,042 |
$1,100,000 home loan: mortgage repayments after cash rate hikes
Month | Estimated repayment | Difference |
Apr-22 | $5,137 | / |
May-22 | $5,279 | $142 |
Feb-23 | $7,134 | $1,998 |
Mar-23 | $7,299 | $2,163 |
May-23 | $7,465 | $2,328 |
Jun-23 | $7,632 | $2,495 |
Source: RateCity.com.au, RBA Lender’s Interest Rates, April 2022. Note: These repayment calculations are based on a 25-year loan, at an initial interest rate of 2.86% in April - as per the RBA’s average existing customer rate at the time.
The mortgage rate pain may not be over yet. All the big four banks expect at least one more hike is still to come, with NAB tipping two more in July and August. This generation of homeowners could experience a 450 basis point increase to their variable rate home loans in just 18 months.
This would be one of the sharpest increases to home loan rates in the RBA’s history. If you can't keep up with your mortgage repayments and you’re considering refinancing, now may be the time to look into it.
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Product database updated 19 Nov, 2024
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