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Who hiked home loan interest rates in November so far?
Haven’t heard from your bank yet if they’re hiking mortgage rates? Discover the full list of who has announced rate rises for home loan customers, and how much more you will be paying after November’s hike.
Last week, the Reserve Bank of Australia hiked the cash rate to 2.85%, the seventh consecutive monthly increase since May 2022. Millions of Australian homeowners may be curious to know when their bank may be passing this rate change on to them.
At the time of publishing, 27 home loan lenders have revealed they are passing on the latest cash rate hike in full to variable rate home loan customers.
This latest rate increase could mean that home loan customers could be paying over $1,200 more for mortgage repayments than they were in April this year.
Lender | Rate Change | Date Effective |
Commonwealth Bank of Australia | 0.25% | 10-Nov-22 |
Westpac Banking Corporation Ltd | 0.25% | 15-Nov-22 |
National Australia Bank Limited | 0.25% | 11-Nov-22 |
ANZ Banking Group Limited | 0.25% | 11-Nov-22 |
Macquarie Bank Limited | 0.25% | 16-Nov-22 |
Suncorp Group Limited | 0.25% | 11-Nov-22 |
Bankwest | 0.25% | 11-Nov-22 |
Bank of Queensland | 0.25% | 11-Nov-22 |
ME Bank | 0.25% | 12-Nov-22 |
Virgin Money (Australia) Pty Limited | 0.25% | 11-Nov-22 |
St.George Bank | 0.25% | 15-Nov-22 |
Bank of Melbourne | 0.25% | 15-Nov-22 |
BankSA | 0.25% | 15-Nov-22 |
ING | 0.25% | 8-Nov-22 |
Firstmac | 0.25% | 3-Nov-22 |
loans.com.au | 0.25% | 3-Nov-22 |
Newcastle Permanent | 0.25% | 10-Nov-22 |
RAMS | 0.25% | 15-Nov-22 |
MyState Bank Limited | 0.25% | 15-Nov-22 |
Bendigo & Adelaide Bank Ltd | 0.25% | 11-Nov-22 |
RACQ Bank | 0.25% | 6-Dec-22 |
AMP Bank Limited | 0.25% | 11-Nov-22 |
Heritage Bank Limited | 0.25% | 9-Nov-22 |
Great Southern Bank | 0.25% | 8-Nov-22 |
Auswide Bank | 0.25% | 14-Nov-22 |
IMB Limited | 0.25% | 14-Nov-22 |
Credit Union SA Ltd | 0.25% | 9-Nov-22 |
Source: RateCity.com.au. Data accurate as of 07/11/22
- 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?
This month, the Reserve Bank of Australia (RBA) hiked the cash rate by 25 basis point increase - its seventh rate increase in a row. If homeowners weren’t already feeling the financial pinch, there’s no doubt they soon will 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 $1,251 more than prior to the first rate hike. This is the equivalent of paying three energy bills a month, or the cost of new television
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 | $3,169 | $834 |
$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 | $4,753 | $1,251 |
$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 | $5,704 | $1,501 |
$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 | $6,971 | $1,835 |
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.
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Disclaimer
This article is over two years old, last updated on November 7, 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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