The Reserve Bank of Australia (RBA) has confirmed it will slug homeowners with its ninth consecutive cash rate rise since May last year.
At today’s February board meeting, RBA Governor Philip Lowe announced the 25 basis point increase.
“Global inflation remains very high. It is, however, moderating in response to lower energy prices, the resolution of supply-chain problems and the tightening of monetary policy,” Lowe said. “It will be some time, though, before inflation is back to target rates. The outlook for the global economy remains subdued, with below average growth expected this year and next.”
He explained that Inflation is expected to decline this year due to both global factors and slower growth in domestic demand.
Compare the Market’s General Manager of Money, Stephen Zeller, said those with a locked-in rate expiring soon should start negotiating with their lender to secure the best rate available.
“We know that $350 billion worth of fixed rate loans are estimated to become variable this year, so those who are shielded by the rate rises now should be planning head,” Mr Zeller said.
“But for those with a variable home loan, if you’re already struggling to meet your repayments, the best thing you can do is to book in a time to speak with your lender.
“Have a crack at negotiating a lower rate. The worst that can happen is you try and miss out, so you may as well give it a go.”
As we did in May, June, July, August, September, October, November and December, Compare the Market is tracking interest rate movements from some of Australia’s biggest banks and lenders. How are the banks moving? Watch this space to find out.
All banks and lenders may not be included in this list. We’ve included the lenders on our panel.
The information on this page is general only – check with your lender for further details on their interest changes and how you might be affected.
This page was last updated 08 February 2023.
Compare home loans with Compare the MarketBig four bank rate rises
ANZ rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 17 February
Other info: “ANZ today announced it will increase variable home loan interest rates in Australia,” ANZ said in a statement. “Effective 17 February 2023, ANZ will increase variable interest rates for home, residential investment and line of credit home loans by 0.25% p.a.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Commonwealth Bank rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 17 February
Other info: CBA will also increase the interest rates across a number of its savings products, by up to 0.75% p.a.
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
NAB rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 17 February
Other info: “We acknowledge the RBA’s actions to bring inflation under control by increasing the cash rate but recognise that there are some Australians who will find this challenging,” NAB Group Executive for Personal Banking Rachel Slade said. “I encourage anyone who is worried about their situation to reach out to their bank.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Westpac rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 21 February
Other info: Following the Reserve Bank of Australia’s decision to increase the official cash rate, Westpac has also announced changes to deposit account interest rates.
Westpac Life +0.25% to 4.00% p.a.
Westpac eSaver +0.25% p.a. to 4.00% p.a. for new customers for the first five months.
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
AMP rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 13 February for existing customers, 10 February new customers
Other info: “Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25 per cent, AMP Bank has announced interest rate changes for customers,” AMP said in a statement.
“The interest rates for variable rate home loans will increase by 0.25 per cent per annum (pa) effective 10 February 2023 for new customers and 13 February 2023 for existing customers.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Bank of Melbourne rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 21 February
Other info: “Following the Reserve Bank of Australia (RBA’s) decision to increase the official cash rate, Bank of Melbourne today announced a 0.25% per annum (p.a.) increase to our variable home loan interest rates, for new and existing home loans,” Bank of Melbourne said in a statement.
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Bank SA rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 21 February
Other info: “Following the Reserve Bank of Australia (RBA’s) decision to increase the official cash rate, BankSA today announced a 0.25% per annum (p.a.) increase to our variable home loan interest rates, for new and existing home loans,” Bank SA said in a statement. “These variable rate changes will come into effect on Tuesday 21 February 2023.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Bankwest rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 17 February
Other info: “We’re increasing the interest rates for select savings products, including by 0.25% to our Variable Hero Bonus Rate (new Variable Hero Rate: 3.75% p.a.) for balances up to $250,000, and by 0.25% to our Easy Saver Rate for balances up to $250,000 (new rate: 4.00% p.a.), effective 17 February 2023,” Bankwest said in a statement.
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Bendigo & Adelaide Bank rate rise
Rate hike: TBC
Customers affected: TBC
Effective from: TBC
Other info: TBC
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
BOQ rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 10 February
Other info: “Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%, BOQ will lift variable home interest rates by 0.25% per annum (p.a.) from 10 February 2023.,” Bank of Queensland said in a statement. “For savings customers, BOQ will continue to review rates on its high interest myBOQ accounts. If you’re a customer with us and your loan rate increases, rest assured we will write to you to advise you of your new repayment amount and when it takes effect.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
HSBC rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 27 February
Other info: TBC
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
ING rate rise
Rate hike: 25 basis points
Customers affected: Variable rate homeowners
Effective from: 14 February
Other info: Principal and interest minimum repayments will change from 6 April 2023. Interest only repayments will change from 1 March 2023.
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Macquarie rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 22 February
Other info: “Following the RBA’s cash rate decision, Macquarie is increasing variable home loan and car loan reference rates by 0.25% p.a,” a Macquarie statement said. Macquarie’s saving account welcome rate is 4.50% p.a. for new customers, for the first four months on balances up to $250,000
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
ME rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 11 February
Other info: “Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%, ME will lift variable home interest rates by 0.25% per annum (p.a.) from 11 February 2023,” ME said in a statement.
“ME’s savings rates are continually under review, and is currently offering a strong rate on its popular Online Savings Account. If you’re a customer with us and your loan rate increases, rest assured we will write to you to advise you of your new repayment amount and when it takes effect.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
St. George rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 21 February
Other info: “Following the Reserve Bank of Australia (RBA’s) decision to increase the official cash rate, St.George today announced a 0.25% per annum (p.a.) increase to our variable home loan interest rates, for new and existing home loans,” St. George said in a statement. “These variable rate changes will come into effect on Tuesday 21 February 2023.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
Virgin Money rate rise
Rate hike: 25 basis points
Customers affected: Variable rate customers
Effective from: 10 February
Other info: “Virgin Money has today announced interest rate changes for home loan customers, following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.25%,” Virgin said in a statement. “From 10 February, Virgin Money will lift variable home loan interest rates by 0.25% per annum (p.a.) for existing customers.”
Previous rate rises:
- May 2022: 25 basis points
- June 2022: 50 basis points
- July 2022: 50 basis points
- August 2022: 50 basis points
- September 2022: 50 basis points
- October 2022: 25 basis points
- November 2022: 25 basis points
- December 2022: 25 basis points
