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Who has hiked home loan interest rates in September so far?
The big four banks, and many leading Australian lenders, have announced they will be lifting customer home loan interest rates following the latest cash rate hike in September. So, has your lender announced if, and when, it will be hiking your rates?
Earlier this month, the Reserve Bank of Australia (RBA) announced it will be hiking the cash rate for the fifth-consecutive month – the fourth-consecutive month of double hikes (50 basis points). This means that homeowners on variable rate home loans are likely to see their interest rates hike another 0.50%, and their mortgage repayments increase yet again.
However, in September, unlike previous months, some lenders have hiked rates for customers by less than the 50-basis point rate rise from the RBA, while some have increased rates by more than this benchmark.
These are the Australian home loan lenders that have announced hikes to home loan rates so far, with many more expected to roll in throughout the month.
Banks and lenders that have announced rate hikes: September 2022
| Lender | Rate Change | Date Effective |
| Commonwealth Bank of Australia | 0.50% | 16-Sep-22 |
| Westpac | 0.50% | 19-Sep-22 |
| NAB | 0.50% | 16-Sep-22 |
| ANZ | 0.50% | 16-Sep-22 |
| Auswide Bank | 0.50% | 20-Sep-22 |
| Firstmac | 0.60% | 9-Sep-22 |
| loans.com.au | 0.50% | 8-Sep-22 |
| Bankwest | 0.50% | 16-Sep-22 |
| Australian Unity | 0.50% | 16-Sep-22 |
| Greater Bank | 0.45% | 14-Sep-22 |
| Nano | 0.50% | 20-Sep-22 |
| MyState Bank | 0.50% | 19-Sep-22 |
| Aussie | 0.50% | 12-Sep-22 |
| Horizon Bank | 0.50% | 9-Sep-22 |
| Bendigo Bank | 0.50% | 16-Sep-22 |
| Macquarie Bank | 0.50% | 16-Sep-22 |
| ING | 0.50% | 14-Sep-22 |
| Suncorp Bank | 0.50% | 16-Sep-22 |
| Bank of Queensland | 0.50% | 16-Sep-22 |
| ME Bank | 0.50% | 17-Sep-22 |
| Virgin Money | 0.50% | 16-Sep-22 |
| BankVic | 0.45% | 20-Sep-22 |
| St.George Bank | 0.50% | 20-Sep-22 |
| Bank of Melbourne | 0.50% | 20-Sep-22 |
| BankSA | 0.50% | 20-Sep-22 |
| LCU | 0.50% | 12-Sep-22 |
| Newcastle Permanent | 0.50% | 16-Sep-22 |
| AMP | 0.50% | 16-Sep-22 |
| RAMS | 0.50% | 20-Sep-22 |
Source: RateCity.com.au. Data accurate as of 12/09/22
- Is your lender not on the list yet? Check our live RBA cash rate tracker page for more information.
How much more could you pay after the September hikes?
At the time of publishing, 30 lenders have announced increases to customer’s variable interest rates. Interestingly, Greater Bank and BankVic both revealed they would be passing on hikes of only 45 basis points, as opposed to the full 50.
This month, the big four banks took three to six days to reveal they were passing on the RBA-led rate hike in full to customers. This is the longest time borrowers have had to wait to discover when these major banks would be changing their home loan rates and increasing repayments.
For homeowners across the country, you may be wondering how much more your home loan repayments could be following this latest cash rate hike.
RateCity has crunched the numbers on several home loan amounts, to determine what your repayments could be, if your lender has passed on every cash rate hike in full. 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.
$500,000 home loan: payment increases from cash rate hikes
| Month | Estimated repayment | Difference |
| Apr-22 | $2,335 | |
| May-22 | $2,400 | $65 |
| Jun-22 | $2,532 | $197 |
| Jul-22 | $2,667 | $333 |
| Aug-22 | $2,807 | $472 |
| Sep-22 | $2,949 | $614 |
$750,000 home loan: payment increases from cash rate hikes
| Month | Estimated repayment | Difference |
| Apr-22 | $3,502 | |
| May-22 | $3,599 | $97 |
| Jun-22 | $3,798 | $295 |
| Jul-22 | $4,001 | $499 |
| Aug-22 | $4,210 | $708 |
| Sep-22 | $4,424 | $922 |
$900,000 home loan: payment increases from cash rate hikes
| Month | Estimated repayment | Difference |
| Apr-22 | $4,203 | |
| May-22 | $4,319 | $117 |
| Jun-22 | $4,557 | $354 |
| Jul-22 | $4,801 | $599 |
| Aug-22 | $5,052 | $849 |
| Sep-22 | $5,309 | $1,106 |
$1,100,000 home loan: payment increases from cash rate hikes
| Month | Estimated repayment | Difference |
| Apr-22 | $5,137 | |
| May-22 | $5,279 | $142 |
| Jun-22 | $5,570 | $433 |
| Jul-22 | $5,868 | $732 |
| Aug-22 | $6,175 | $1,038 |
| Sep-22 | $6,488 | $1,352 |
Source: RateCity.com.au. Hypothetical example based on 25-year loan term and initial interest rate of 2.86%, as per the RBA’s average existing customer rate in April 2022. Does not factor in fees.
If your home loan repayments are creeping into unaffordable territory and your household budget is starting to suffer, it may be worth considering your options. You could look at making additional repayments to help reduce your loan amount, or even consider refinancing.
Switching to a lower rate home loan is one option homeowners have to give themselves a rate cut in a time of rising rates. You’ll need to ensure you meet the eligibility criteria, and that your finances are in a healthy order, before proceeding.
A lower rate home loan could offer some much-needed breathing room from the latest round of interest increases. That being said, remember there is more to a loan than the interest rate offered, and it’s best to compare factors like fees, features, and the lender itself, before making the switch.
Compare low-rate refinance home loans
Disclaimer
This article is over two years old, last updated on September 12, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 22 Nov, 2024
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