- Home
- Home Loans
- News
- Has your lender hiked your mortgage rate for March 2023?
Has your lender hiked your mortgage rate for March 2023?
Check out our live bank rate tracker
Wondering if your home loan lender has announced its plans to hike your mortgage interest rate yet for March? See the full list of lenders who have announced increases to home loan variable rates.
At the time of publishing, 27 home loan lenders have announced they are passing on the latest cash rate hike in full to variable rate home loan customers – including the big four banks.
The March 2023 cash rate hike means that homeowners with a loan balance of $750,000 could be paying $1,474 more in mortgage payments than they were in April last year, according to RateCity research.
Variable Rate Home Loan LVR < 80%
- Owner Occupied
- Variable
- 20% min deposit
Receive an extra 0.01% p.a. discount every year, up to a maximum discount of 0.30% p.a.
Built by CBA, this home loan deal allows borrowers who refinance benefit from an ongoing loyalty discount
5.99%
5.90%
Which lenders have increased interest rates so far?
Lender | Rate Change | Date Effective |
Commonwealth Bank of Australia | 0.25% | 17-Mar-23 |
Westpac | 0.25% | 21-Mar-23 |
ANZ | 0.25% | 17-Mar-23 |
National Australia Bank | 0.25% | 17-Mar-23 |
Macquarie Bank | 0.25% | 22-Mar-23 |
AMP Bank | 0.25% | 10-Mar-23 |
Auswide Bank | 0.25% | 16-Mar-23 |
St. George Bank | 0.25% | 21-Mar-23 |
Bank of Melbourne | 0.25% | 21-Mar-23 |
BankSA | 0.25% | 21-Mar-23 |
Suncorp | 0.25% | 17-Mar-23 |
Firstmac | 0.25% | 9-Mar-23 |
loans.com.au | 0.25% | 9-Mar-23 |
Bank of Queensland | 0.25% | 13-Mar-23 |
Virgin Money | 0.25% | 13-Mar-23 |
ME Bank | 0.25% | 10-Mar-23 |
Bank Australia | 0.25% | 22-Mar-23 |
Greater Bank | 0.25% | 15-Mar-23 |
Australian Unity | 0.25% | 16-Mar-23 |
Newcastle Permanent | 0.25% | 17-Mar-23 |
Great Southern Bank | 0.25% | 15-Mar-23 |
FreedomLend | 0.25% | 10-Mar-23 |
Bendigo & Adelaide Bank | 0.25% | 17-Mar-23 |
Bankwest | 0.25% | 17-Mar-23 |
ING | 0.25% | 14-Mar-23 |
Credit Union SA | 0.25% | 16-Mar-23 |
The Capricornian | 0.25% | 13-Mar-23 |
Source: RateCity.com.au. Data accurate as of 13/03/2023
- 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 repayments be?
The Reserve Bank of Australia hiked the cash rate for its tenth consecutive meeting in March, lifting it to 3.60%. For Australian homeowners, the mortgage pain may be far from over with the big four banks predicting a cash rate peak of 4.10% by May 2023.
While it is expected that mortgage rates will fluctuate over a 20-30-year loan term, these predictions would mean that the interest rate on your home loan could rise by 4% in just 12 months. This is one of the sharpest increases to rates by the RBA in history.
Millions of Australian homeowners may be wondering how severe the impact of this latest hike could be on their mortgage repayments.
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, your repayments are now $1,474 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: mortgage repayments after 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 |
Mar-23 | $3,318 | $983 |
$750,000 home loan: mortgage repayments after 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 |
Mar-23 | $4,977 | $1,474 |
$900,000 home loan: mortgage repayments after 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 |
Mar-23 | $5,972 | $1,769 |
$1,100,000 home loan: mortgage repayments after 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 |
Mar-23 | $7,299 | $2,163 |
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.
Compare home loans in Australia
Product database updated 19 Nov, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
