July RBA rate hike: Which banks have increased home loan rates

people jumping off towers as the rba cash rate goes up

Last updated: 2:45 pm 8 July

The Reserve Bank announced another official cash rate increase–this time by 0.50 basis points to 1.35%.

This is the third increase of the year, and many economists speculate that we will continue to see further rate rises into 2022. In fact, Westpac economists predict that rates will go up as much as 1.75% by the end of the year. 

In the past two months, we’ve seen lenders increase their interest rates for home loan variable rates, home loan fixed rates and savings accounts. In anticipation of today’s announcement, the big four have already hiked their fixed rates, some by more than 100 basis points.

According to our database, all fixed rates below a ‘2’ are now gone and it’s likely that those that still start with a ‘3’ will also dwindle in the coming months.

Which lenders have moved on home loan interest rates?

Like before, banks and lenders’ response times to the new cash rate announcement will vary. To help you keep track of significant changes, we’ll be regularly updating this page with the size of the rate hikes and when they’ll come to effect.

Below is a snapshot of the average owner occupier^ home loan rates in our database as of July 5, 2022, to use as a reference point. Keep in mind, that these are likely to jump further in the coming week:

Loan TypeAverage
Variable3.65% p.a.
1-year fixed4.22% p.a.
2-year fixed4.87% p.a.
3-year fixed5.26% p.a.
4-year fixed5.69% p.a.
5-year fixed5.75% p.a.

Big Four

people struggling to climb up a rising graph for big bank rba rates

CommBank

  • Effective 15 July, CommBank will increase all its owner occupier and investor variable interest rates by 0.50% p.a.
  • And CommBank now has a special offer on a 15-month term deposit with a interest rate of 2.50% p.a

ANZ

  • Effective 15 July, all of ANZ home loan variable interest rates will increase by 0.50% p.a.
  • Effective 11 July, ANZ will offer a new 11-month term deposit at 2.50% p.a.

NAB

  • Effective 15 July, NAB will increase its variable home loan interest rates by 0.50% p.a.
  • It will also increase its Reward Saver account by 0.50% p.a.
  • And its 12 month term deposit will increase to 2.50% p.a.

Westpac

  • Effective 20 July, Westpac will increase its variable interest rates for home loans by 0.50% p.a.
  • Effective 22 July, its Westpac Life savings will increase by 0.50% p.a. to 1.35% p.a.
  • Effective 8 July, it will offer 12 to 23 months term deposit at 2.50% p.a.

Banks

woman picking up green block for bank rba hikes

MyState Bank

  • Effective 18 July, variable home loans will increase by 0.50% p.a.
  • Its Bonus Saver account will also increase by 0.50% p.a. making it 2.10% p.a.

Macquarie Bank

  • Effective 14 July, Macquarie Bank will increase its home loan variable rates by 0.50% p.a.
  • It also increased its savings account and transaction accounts interest rates to 1.75% p.a.
  • Also its 6 month term deposits will increase its rates to 2.40% p.a. and its one year term deposits to 3.25% p.a.

ING

  • Effective 12 July, ING will increase its home loan variable rates by 0.50% p.a.

Bankwest

  • Effective 15 July, Bankwest variable home loan interest rates will increase by 0.50% p.a.
  • Its Easy Saver account will also increase by 0.50% p.a. to 1.35% p.a.

Suncorp

  • Effective 15 July, Suncorp will increase variable home loans by 0.50% p.a.
  • Its Suncorp Growth Saver account will increase by 0.70% p.a. to a 2.00% p.a.
  • And its 18 month term deposit will increase to 3.00% p.a.

Bank of Queensland

  • Effective 9 July, BOQ will increase its variable home loan rates by 0.50% p.a.

ME Bank

  • Effective 9 July, ME Bank will increase its variable home loan interest rates by 0.50% p.a.
  • Effective 15 July, its Online Savings Account will increase to 1.60% p.a.

Newcastle Permanent 

  • Effective 15 July, Newcastle Permanent will increase its variable home loans by 0.50% p.a.

Bank SA

  • Effective 20 July, Bank SA will increase its variable home loans by 0.50% p.a.

Bank of Melbourne

  • Effective 20 July, Bank of Melbourne will increase its variable home loans by 0.50% p.a.

AMP Bank

  • Effective 15 July for new customers and 18th for existing, home loan variable rates will increase by 0.50% p.a.
  • Effective 1 August, its AMP Saver account will go up 2.10% p.a.

Bendigo and Adelaide Bank

  • Effective 15 July, its variable interest rate home loans will increase by 0.50% p.a.
  • Effective 27 July, its Reward Saver account will increase by 0.60% p.a.

Online Lenders

girl picking up pink blocks of rba hikes for online lenders

Virgin Money

  • Effective 9 July, Virgin Money will increase its variable home loan interest rates by 0.50% p.a.
  • Effective 15 July, it will also increase its Boost Saver Account to 2.30% p.a. and its Grow Saver Account to 1.50% p.a.

loans.com.au

  • Effective 8 July, loans.com.au will increase its home and car loans by 0.50% p.a.

Thinking about getting a home loan? Check out our home loan comparison page for more information. Or look at our home loan rate change calculator to see how the new hike might affect your repayments.

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 13 August 2022

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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