We regularly update this live post with the latest RBA cash rate announcement and home loan interest rate news. Be sure to add this page to your favourites so you can stay up-to-date.
Information is current as of November 22, 2023.
The Reserve Bank of Australia (RBA) raised the cash rate by 0.25% on Tuesday, November 7, 2023. The cash rate is now 4.35%.
This is the highest the cash rate has been in 11 years.
The decision will likely cause further strain to home loan borrowers.
Which banks have passed on the November rate rise to mortgage holders?
Here are the banks and lenders who (so far) have passed on some or all of the most recent RBA cash rate rise to people with a home loan.
Let’s take a look at the big four banks first.
Is ANZ raising its home loan interest rates?
Yes, ANZ increased their variable home loan interest rates by 0.25% from November, 17.
Is Commonwealth Bank raising its home loan interest rates?
Yes, CBA increased their variable home loan interest rates by 0.25% from November, 17.
Is National Australia Bank raising its home loan interest rates?
Yes, NAB increased their variable home loan interest rates by 0.25% from November, 17.
Is Westpac Bank raising its home loan interest rates?
Yes, Westpac increased their variable home loan interest rates by 0.25% from November, 21.
Let’s take a look at which other banks and lenders have announced they’ll pass on the RBA cash rate rise to mortgage holders.
Adelaide Bank
Adelaide Bank increased their variable home loan interest rates by 0.25% from November, 17.
AMP
AMP increased their variable home loan interest rates by 0.25% from November, 10 for new customers and November, 13 for existing customers.
Athena
Athena increased their variable home loan interest rates by 0.25% from November, 9.
Australian Military Bank
Australian Military Bank increased their variable home loan interest rates by 0.25% from November, 21.
Australian Unity
Australian Unity increased their variable home loan interest rates by 0.25% from November, 16.
Auswide Bank
Auswide Bank increased their variable home loan interest rates by 0.25% from November, 14.
Bank Australia
No announcement at the time of publication. We’ll update this post once an announcement has been made.
Bank First
No announcement at the time of publication. We’ll update this post once an announcement has been made.
Bank of Melbourne
BOM increased their variable home loan interest rates by 0.25% from November, 21.
Bank of Queensland
Bank of Queensland increased their variable home loan interest rates by 0.25% from November, 10.
Bank SA
Bank SA increased their variable home loan interest rates by 0.25% from November, 21.
BankWest
BankWest increased their variable home loan interest rates by 0.25% from November, 14.
Beyond Bank
Beyond Bank increased their variable home loan interest rates by 0.25% from November, 21 for new customers. They will increase variable home loan interest rates by 0.25% – 0.30% for existing customers from November, 29.
Bluestone
Bluestone increased their variable home loan interest rates by 0.25 – 0.35% from November, 9.
Credit Union SA
No announcement at the time of publication. We’ll update this post once an announcement has been made.
Firstmac
Firstmac increased their variable home loan interest rates by 0.25 % from November, 10.
Great Southern Bank
Great Southern Bank increased their variable home loan interest rates by 0.25% from November, 14.
Heritage Bank
Heritage Bank increased their variable home loan interest rates by 0.25% from November, 21.
ING Australia
ING increased their variable home loan interest rates by 0.25% from November, 14.
Macquarie
Macquarie increased their variable home loan interest rates by 0.25% from November, 17.
ME Bank
ME Bank increased their variable home loan interest rates by 0.25% from November, 11.
MyState Bank
MyState Bank increased their variable home loan interest rates by 0.25% from November, 17.
St George
St George increased their variable home loan interest rates by 0.25% from November, 21.
Suncorp Bank
Suncorp Bank increased their variable home loan interest rates by 0.25% from November, 17.
Virgin Money
Virgin Money increased their variable home loan interest rates by 0.25% from November, 10.
Here’s what the rate rise could mean for your home loan
While 0.25% might not sound like much, it can make a big difference to your home loan repayments.
For example:
If you have a $750,000 mortgage with a 30 year term and were paying 6% interest
A 0.25% interest rate increase would mean you’d pay an extra $106 per month on your repayments
Over $100 is a decent chunk of extra money to find every month.
Check out the table we posted on Instagram, that show’s how much your home loan repayments could increase:
To calculate how much your repayments could increase check out our Loan Comparison Calculator.
If you’re worried about the rate rises, remember that banks are fighting for new customers at the moment, so there are still some pretty sweet deals out there.
If you already have a home loan, book a Home Loan Interest Rate Review.
If you’re looking to buy a property, we can search the market for you, compare home loans and find you something that fits within your budget.
What’s the RBA?
RBA stands for Reserve Bank of Australia. It’s Australia’s central bank and bank note issuing authority.
The RBA dictates the cash rate, which influences interest rtes to ensure Australia’s economic growth is controlled.
The RBA sets the cash rate on the first Tuesday of every month, except January, They decide whether to hold, raise or lower the cash rate. Tis decision depends on several factors including the performance of the Australian dollar, the state of the housing market and inflation.
What does the term ‘cash rate’ mean?
The cash rate is kind of like a benchmark. It’s also sometimes known as the bank rate or the base interest rate. It served as a benchmark for everything from mortgages to savings accounts and the exchange rate.
So what does the RBA cash rate rise mean for you?
Well, if you have a home loan, a cash rate increase could have a significant impact on your wallet. Depending on your loan type, if your bank decides to pass the rate increase onto borrowers, your repayments will increase.
A mortgage broker can potentially help you reduce the impact of rate rise on your mortgage repayments, by helping you find a better deal.
Will the RBA raise the cash rate again?
It’s highly likely that the RBA will raise the cash rate again.
Philip Lowe, the RBA Governor has said that the RBA’s board are ‘committed to doing what is necessary’ to bring inflation back within its target 2 to 3% range:
The board is committed to returning inflation to the 2–3 per cent range over time. It is seeking to do this while keeping the economy on an even keel. The path to achieving this balance is a narrow one and clouded in uncertainty, not least because of global developments.
Inflation is currently sitting at 5.4%. Raising interest rates is one of the mechanisms the RBA uses to reduce the inflation rate.
Mr Lowe, didn’t give specifics around how many more rate rises we can expect or how much rates will increase by. He did state that:
The board expects to increase interest rates further over the months ahead, but it is not on a pre-set path. The size and timing of future interest rate increases will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market. The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.
If you’re worried about the RBA rate rise – we’re here to help. Let us take sorting out your home loan interest rate off your mental load. There are still competitive home loans around.
Book a home loan review, so we can help you find out if there’s a better deal out there for you.
Need help organising your home loan or mortgage refinance?
Book your free chat with our property finance expert Carl Violeta.
During your chat, Carl will discuss your home loan goals and current circumstances and then explain your options.
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