The Reserve Bank of Australia (RBA) has hiked interest rates by another 25 basis points − marking the 13th rate rise since May last year.
RBA governor Michele Bullock announced the increase at the November Board meeting, citing persistently high inflation as a deciding factor.
“Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago. The latest reading on CPI inflation indicates that while goods price inflation has eased further, the prices of many services are continuing to rise briskly,” Bullock said in a statement.
“While the central forecast is for CPI inflation to continue to decline, progress looks to be slower than earlier expected.
“The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe.”
The latest rate hike brings the official cash rate to 4.35% − the highest in about 11 years.
Compare the Market’s Economic Director, David Koch said the recent inflation data forced the Board into delivering a rate rise.
“A rate rise was definitely short odds today, but it still doesn’t help the pain at the hip pocket. Another $100 hit to minimum monthly repayments for some, and when we can least afford it,” Mr Koch said.
“The RBA needs to keep inflation on a tight rein, otherwise it really could bolt away in 2024. A tough day, but let’s hope it is the last for a while now.
“This is what is worrying the RBA.
“Our core inflation is worryingly higher than all of our major trading partners, which is coming down much quicker than ours. That’s what the RBA Governor, Michelle Bullock means when she talks about our so-called sticky inflation.
“The economy is finely balanced at the moment and the RBA wouldn’t want to tip it over the edge of a deep recession.
“Despite that, they went for the hard line rate rise.
“A major consequence of the rate rises is the number of Australians defaulting on their home loans, which recent research found had now surpassed the mortgage stress peaks in the Global Financial Crisis.
“Borrowers can’t take this hit lying down though, they need to be proactive, and spring clean their finances to make sure they’re on the best deal for them and a low rate”.
If a 0.25% rate rise was passed on in full, a borrower with a $600,000 loan size could see a $98 increase in their monthly repayments.”
Increase in average monthly repayments
For Australians on a variable rate home loan, here’s how a 25 basis point increase in the cash rate, if passed on by the lender in full, would affect monthly repayments:
| Mortgage size | 0.25% interest rate increase to 6.5% p.a. |
| Increase in monthly minimum repayments | |
| $500,000 | +$82 |
| $600,000 | +$98 |
| $750,000 | +$123 |
| $900,000 | +$147 |
| $1,000,000 | +$164 |
| Monthly repayments do not include any reduction in the mortgage balance over time. These calculations assume: An owner-occupied variable interest rate of 6.25% p.a; principal and interest (P&I) repayments; cash rate increases are passed on in full; the loan term is 30 years; and there are no monthly fees. | |
Increase in average monthly repayments since May 2022
Australians with a $500,000 variable mortgage may soon be paying $1,293 more each month than the start of May 2022, following a 425 basis point jump.
| Mortgage size | Increase in average monthly repayments since the start of May 2022 |
| $500,000 | + $1,293 |
| $600,000 | + $1,552 |
| $750,000 | + $1,940 |
| $900,000 | + $2,328 |
| $1,000,000 | + $2,586 |
| Reserve Bank Lenders’ Interest Rates. Monthly repayments do not include any reduction in the mortgage balance over time. These calculations assume: An owner-occupied variable interest rate of 2.86% p.a in May 2022; principal and interest (P&I) repayments; cash rate increases are passed on in full; the loan term is 30 years; and there are no monthly fees. | |
How high will interest rates go?
The latest increase marks the 13th rate rise since May 2022 when the cash rate was at a low 0.35%. It’s now at 4.35% which is an 11-year high (since April 2012).
As we did in May 2022, June 2022, July 2022, August 2022, September 2022, October 2022, November 2022, December 2022, February 2023, April 2023, May 2023 and June 2023, 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.
Compare home loans with Compare the MarketBig four banks rate rises
ANZ
Rate hike: 25 basis points
Customers affected: ANZ customers on variable home loans
Effective from: 17 November 2023
Other info: Savings customers on the ANZ Plus Save account will also receive an increase of 0.25% pa, with balances less than $250,000 to increase to 4.90% pa, and balances $250,000 or more to increase to 3.75% pa effective 16 November 2023. ANZ continues to review other deposit rates.
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Commonwealth Bank
Rate hike: 25 basis points
Customers affected: All variable home loan customers
Effective from: 17 November 2023
Other info: NetBank Saver variable introductory rate will increase by 0.35% p.a. to 5.10% p.a. The fixed bonus margin will increase by 0.20% p.a. to 2.75% p.a. and the standard variable interest rate will increase by 0.15% p.a. to 2.35% p.a. GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.90% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate which will increase by 0.25% p.a. to 4.50% p.a. Youthsaver with bonus interest rate will increase by 0.25% p.a. to 5.00% p.a., comprising an increase in the standard variable rate by 0.25% p.a. to 2.60% p.a. and bonus interest rate of 2.40% p.a. All saving rate changes are effective 17 November 2023. Commonwealth Bank will also extend the availability of the 24-month term deposit special of 5.00% 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
NAB
Rate hike: 25 basis points
Customers affected: NAB’s standard variable home loan customers
Effective from: 17 November 2023
Other info: NAB Reward Saver bonus interest rate will increase by 0.25% p.a., bringing the total interest rate to 5.00% 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Westpac
Rate hike: 25 basis points
Customers affected: New and existing customers on a variable home loan
Effective from: 21 November 2023
Other info: Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.00% p.a., effective 17 November. Westpac eSaver total variable rate for the first 5 months will increase by 0.25% p.a. to 5.00% p.a. for new customers applying online, effective 17 November.*
- 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Other major banks rate rises
AMP
Rate hike: 25 basis points
Customers affected: Variable rate home loan customers
Effective from: 10 November 2023 for new customers and 13 November 2023 for existing customers
Other info: AMP Notice products1 will increase by 0.25 per cent pa effective 13 November 2023. Cash account rates offered by AMP Bank to investment clients and superannuation members through AMP wealth and super platforms will increase by 0.25 per cent pa effective 13 November 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Bank of Melbourne
Rate hike: 25 basis points
Customers affected: Variable home loan customers
Effective from: 21 November 2023
Other info: As of 17th November 2023, Bank of Melbourne customers with an Incentive Saver with a total account balance below $250k will see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.25% p.a. Accounts that have a total account balance over $250K will also see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.10% p.a. For customers with a Maxi Saver account, the total variable rate with online bonus for new customers will rise from 5.10% p.a. to 5.35% p.a. From the 10th November 2023, customers with a term deposit with 12-23 month special with online bonus, will also increase from 4.85% p.a. to 5.10% p.a. For full details on the breakdown of savings and term deposit interest rate increases please visit the Bank of Melbourne website.
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
BankSA
Rate hike: 25 basis points
Customers affected: Variable home loan customers
Effective from: 21 November 2023
Other info: As of 17th November 2023, Bank SA customers with an Incentive Saver with a total account balance below $250k will see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.25% p.a. Accounts that have a total account balance over $250K will also see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.10% p.a. For customers with a Maxi Saver account, the total variable rate with online bonus for new customers will rise from 5.10% p.a. to 5.35% p.a. From the 10th November 2023, customers with a term deposit with 12-23 month special with online bonus, will also increase from 4.85% p.a. to 5.10% p.a. For full details on the breakdown of savings and term deposit interest rate increases please visit the Bank SA website.
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Bankwest
Rate hike: 25 basis points
Customers affected: Standard Variable Rate (SVR) home loan customers
Effective from: 17 November 2023
Other info: Bankwest will also increase the interest rates for select savings products, including by 0.25% to its Hero Saver rate* (new rate 4.60%), Easy Saver Introductory rate for balances up to $250,000 (new Easy Saver Introductory rate: 5.10%), and Smart eSaver Variable Smart rate* for balances up to $500,000 (new rate 2.45%).
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Bendigo & Adelaide Bank
Rate hike: TBA
Customers affected: TBA
Effective from: TBA
Other info: TBA
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
BOQ
Rate hike: 25 basis points
Customers affected: Customers on a variable home loan rate
Effective from: 10 November 2023
Other info: BOQ will lift variable home loan interest rates by 0.25% per annum (p.a.) for new and 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
ING
Rate hike: 25 basis points
Customers affected: All new and existing variable home loan customers
Effective from: 14 November 2023
Other info: There will be a 0.35% per annum rate increase, for new and existing clients, with a Savings Accelerator balance greater than $150,000. This takes the rate to 4.70%. For new ING account openings with balances of $10,000 or more: 12 month Term Deposit – a 0.30% per annum rate increase taking the rate to 5.30%. 6 month Term Deposit – 0.25% per annum rate increase taking the rate to 5.05%
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Macquarie
Rate hike: 25 basis points
Customers affected: Variable home loan and car loan customers
Effective from: 17 November 2023
Other info: Macquarie’s savings account welcome rate is increasing to 5.50% p.a. for new customers, for the first four months on balances up to $250,000 – effective 10 November 2023. The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase by 0.25% p.a. to 4.75% p.a., on balances up to $1 million – effective 17 November 2023. Macquarie’s Business Savings Account interest rate will increase by 0.25% p.a. to 4.75% p.a., on balances up to $1 million – effective 17 November 2023. Macquarie’s CMA Accelerator interest rate will increase by 0.25% p.a. to 4.75% p.a., on balances up to $2,000,000 – effective 17 November 2023. Macquarie’s 12 month term deposit interest rate is 5.05% p.a., available now.
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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
ME
Rate hike: 25 basis points
Customers affected: Variable home loan customers
Effective from: 11 November 2023
Other info: ME will lift variable home loan interest rates by 0.25% per annum (p.a.) for new and 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
St. George
Rate hike: 25 basis points
Customers affected: Variable home loan customers
Effective from: 21 November 2023
Other info: As of 17th November 2023, St George customers with an Incentive Saver with a total account balance below $250k will see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.25% p.a. Accounts that have a total account balance over $250K will also see 0.15% p.a. increase on their total variable rate with online bonus for new customers to 5.10% p.a. For customers with a Maxi Saver account, the total variable rate with online bonus for new customers will rise from 5.10% p.a. to 5.35% p.a. From the 10th November 2023, customers with a term deposit with 12-23 month special with online bonus, will also increase from 4.85% p.a. to 5.10% p.a. For full details on the breakdown of savings and term deposit interest rate increases please visit the St George website.
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
- February 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
Virgin Money
Rate hike: 25 basis points
Customers affected: Variable home loan customers
Effective from: 10 November 2023
Other info: From 10 November, Virgin Money will lift variable home loan interest rates by 0.25% per annum (p.a.) for new and 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
- February 2023: 25 basis points
- March 2023: 25 basis points
- May 2023: 25 basis points
- June 2023: 25 basis points
This page was last updated 10 November 2023.
