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- Which banks have hiked mortgage rates so far in February 2023?
Which banks have hiked mortgage rates so far in February 2023?
Last week, the Reserve Bank of Australia hiked the cash rate to 3.35%. This was the ninth increase to the cash rate since May 2022.
Millions of homeowners may be wondering if their lender has announced it is hiking mortgage rates again, and just how much more their repayments could be, after the February cash rate hike.
At the time of publishing, 29 home loan lenders have already announced they are passing on the latest cash rate hike in full to variable rate home loan customers – including the big four banks.
The February 2023 cash rate hike means that homeowners with a loan balance of $750,000 could be paying $1,362 more in mortgage payments than they were in April last year, according to RateCity research.
Which lenders have increased interest rates so far?
Lender | Rate Change | Date Effective |
Commonwealth Bank of Australia | 0.25% | February 17th 2023 |
Westpac | 0.25% | February 21st 2023 |
NAB | 0.25% | February 17th 2023 |
ANZ | 0.25% | February 17th 2023 |
Auswide Bank | 0.44% | February 14th 2023 |
Horizon Bank | 0.25% | February 8th 2023 |
Bank of Queensland | 0.25% | February 10th 2023 |
Virgin Money | 0.25% | February 10th 2023 |
ME Bank | 0.25% | February 10th 2023 |
Suncorp | 0.25% | February 17th 2023 |
FreedomLend | 0.25% | February 9th 2023 |
Credit Union SA | 0.25% | February 14th 2023 |
Macquarie Bank | 0.25% | February 22nd 2023 |
St. George | 0.25% | February 21st 2023 |
Bank of Melbourne | 0.25% | February 21st 2023 |
BankSA | 0.25% | February 21st 2023 |
Bankwest | 0.25% | February 17th 2023 |
MyState Bank | 0.25% | February 20th 2023 |
ING | 0.25% | February 14th 2023 |
AMP Bank | 0.25% | February 10th 2023 |
loans.com.au | 0.25% | February 10th 2023 |
Firstmac | 0.25% | February 10th 2023 |
Newcastle Permanent | 0.25% | February 17th 2023 |
Bendigo & Adelaide Bank | 0.25% | February 17th 2023 |
Australian Military Bank | 0.25% | February 21st 2023 |
Defence Bank | 0.25% | February 13th 2023 |
Great Southern Bank | 0.25% | February 15th 2023 |
IMB Limited | 0.25% | February 17th 2023 |
RACQ Bank | 0.25% | February 21st 2023 |
Source: RateCity.com.au. Data accurate as of 13/02/23
- Is your lender not on the list yet? Check our live RBA cash rate tracker page for more information.
How much more will your mortgage cost you now?
Another 25-basis point hike to the cash rate will likely mean mortgage pain for millions of homeowners. If you aren’t already feeling the financial pinch, there’s no doubt you soon may be.
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.
For a homeowner on a $750,000 home loan, their repayments are now $1,362 more than they were before the first rate hike in 2022. This is the equivalent of buying return flights to the US, or a MacBook Air, every single month.
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.
$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 |
Oct-22 | $3,022 | $687 |
Nov-22 | $3,095 | $760 |
Dec-22 | $3,169 | $834 |
Jan-23 | / | / |
Feb-23 | $3,243 | $908 |
$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 |
Oct-22 | $4,532 | $1,030 |
Nov-22 | $4,642 | $1,140 |
Dec-22 | $4,753 | $1,251 |
Jan-22 | / | / |
Feb-23 | $4,864 | $1,362 |
$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 |
Oct-22 | $5,439 | $1,236 |
Nov-22 | $5,571 | $1,368 |
Dec-22 | $5,703 | $1,501 |
Jan-23 | / | / |
Feb-23 | $5,837 | $1,634 |
$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 |
Oct-22 | $6,648 | $1,511 |
Nov-22 | $6,808 | $1,672 |
Dec-22 | $6,971 | $1,835 |
Jan-23 | / | / |
Feb-23 | $7,134 | $1,998 |
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. Assumes all rate hikes passed on. Does not factor in fees. No rate change in January 2023.
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Product database updated 19 Nov, 2024
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