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Who hiked interest rates October so far?
Last week, the Reserve Bank of Australia hiked the cash rate to 2.60%, the sixth 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, 31 home loan lenders have revealed they are passing on the latest cash rate hike in full to variable rate home loan customers.
Who has hiked home loan interest rates so far? October 2022
Home loan lender | Rate change | Date effective |
Commonwealth Bank of Australia | 0.25 | 14-Oct-22 |
Westpac Banking Corporation Ltd | 0.25 | 18-Oct-22 |
ANZ Banking Group Limited | 0.25 | 14-Oct-22 |
National Australia Bank Limited | 0.25 | 14-Oct-22 |
Macquarie Bank Limited | 0.25 | 14-Oct-22 |
Suncorp Group Limited | 0.25 | 14-Oct-22 |
MyState Bank Limited | 0.25 | 17-Oct-22 |
ING | 0.25 | 11-Oct-22 |
Bankwest | 0.25 | 14-Oct-22 |
ME Bank | 0.25 | 15-Oct-22 |
Bank of Queensland | 0.25 | 14-Oct-22 |
Virgin Money (Australia) Pty Limited | 0.25 | 15-Oct-22 |
Horizon Bank | 0.25 | 6-Oct-22 |
Newcastle Permanent | 0.25 | 13-Oct-22 |
Athena Home Loans Pty Ltd | 0.25 | 7-Oct-22 |
Greater Bank | 0.25 | 14-Oct-22 |
Bendigo & Adelaide Bank Ltd | 0.25 | 14-Oct-22 |
Adelaide Bank | 0.25 | 21-Oct-22 |
St. George Bank | 0.25 | 18-Oct-22 |
Bank of Melbourne | 0.25 | 18-Oct-22 |
BankSA | 0.25 | 18-Oct-22 |
AMP Bank Limited | 0.25 | 13-Oct-22 |
Bank Australia Limited | 0.25 | 12-Oct-22 |
IMB Limited | 0.25 | 13-Oct-22 |
Bananacoast Community Credit Union | 0.25 | 18-Oct-22 |
Australian Military Bank Ltd | 0.25 | 18-Oct-22 |
P&N Bank | 0.25 | 18-Oct-22 |
Bank Of Sydney Ltd | 0.25 | 11-Oct-22 |
Qudos Mutual Limited T/A Qudos Bank | 0.25 | 20-Oct-22 |
Resimac Limited | 0.25 | 13-Oct-22 |
Homeloans.com.au | 0.25 | 13-Oct-22 |
Source: RateCity.com.au. Data accurate as of 13/10/22
- Is your lender not on the list yet? Check our live RBA cash rate tracker page for more information.
How much more are your mortgage repayments after the cash rate hikes?
This month, the Reserve Bank of Australia (RBA) bucked the trend and announced a 25 basis point increase, as opposed to the previous four months’ of 50 basis point hikes. The news came to the relief of Australian households already struggling with higher 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, their repayments are now over $1,000 more than prior to the first rate hike.
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 |
$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 |
$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 |
$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 |
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 October 13, 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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