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Which banks have hiked home loan interest rates so far?
The cash rate is on the move again, and millions of Australian homeowners may be wondering if their bank is passing on the latest hike in full to their mortgage.
Australia’s cash rate has been hiked by 50 basis points to 0.85% by the Reserve Bank of Australia, the biggest hike announcement since February 2000.
This makes two back-to-back rate hikes for homeowners to manage in their household budgets, with more cash rate hikes expected to come. In fact, the big four banks now predict that we may have a cash rate starting with a ‘2’ as early as Christmastime.
With higher mortgage repayments now inevitable, homeowners may be wondering if their bank has already announced rate hikes to variable rate home loan customers.
The lenders that have announced interest rate hikes (so far)
At the time of writing, 16 lenders have announced changes to their home loan interest rates for variable mortgage holders in June. Every single lender has agreed to pass on this 50-basis point hike in full to their existing home loan customers.
Rate hike announcements
| Home loan lender | Rate hike | Date effective |
| Westpac | 0.50% | 21/6/22 |
| Commonwealth Bank of Australia | 0.50% | 17/6/22 |
| ANZ | 0.50% | 17/6/22 |
| NAB | 0.50% | 17/6/22 |
| Macquarie Bank | 0.50% | 17/6/22 |
| ME Bank | 0.50% | 18/6/22 |
| Virgin Money | 0.50% | 14/6/22 |
| Bank of Queensland | 0.50% | 14/6/22 |
| St. George Bank | 0.50% | 21/6/22 |
| Bank of Melbourne | 0.50% | 21/6/22 |
| BankSA | 0.50% | 21/6/22 |
| ING | 0.50% | 14/6/22 |
| Bankwest | 0.50% | 16/6/22 |
| MyState Bank | 0.50% | 19/6/22 |
| RAMS | 0.50% | 20/6/22 |
| Suncorp Bank | 0.50% | 17/6/22 |
Source: RateCity Rate Tracker
What does this mean for my home loan repayments?
If you are currently repaying a home loan on a variable interest rate with one of the above lenders, you may expect that the noted rate hike will be effective after the date listed above.
This rate hike may not immediately impact your repayments as interest is calculated daily and charged monthly. Many home loan customers may find that they experience the brunt of these higher repayments in next months’ mortgage repayment.
For customers with CommBank, for example, this hike may represent over $100 more for next months’ mortgage repayments for existing customers with a $500,000 home loan and 25-years remaining
CBA variable rates for owner-occupiers paying principal & interest
| Old rate | New rate | Increase in monthly repayments | |
| Standard variable rate | 4.80% | 5.30% | $146 |
| Discounted variable rate | 4.10% | 4.60% | $140 |
| Lowest variable rate | 2.44% | 2.94% | $127 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. An LVR of 70% applies to CBA’s lowest variable rate. Rates effective 17 June.
If you’re on a fixed rate home loan your repayments will be set at the interest rate you locked in for your chosen fixed period. However, if your fixed period is coming to an end you may find that your lender reverts your interest rate to a new, higher variable home loan rate
Alternatively, if you’re considering re-fixing, it’s worth noting that lenders have been hiking fixed rates in preparation for these cash rate hikes for some time now. The interest rate you managed to lock in, say, two years ago may now be considerably higher.
- If your home loan lender is not on the list above, then it has likely not yet made an announcement. To get notified when your lender hikes rates, please visit RateCity’s Rate Tracker page.
Disclaimer
This article is over two years old, last updated on June 9, 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 18 Nov, 2024
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