13th RBA rate hike: The list of banks that have increased home loan rates

RBA governor Michele Bullock interest rate decision

The Reserve Bank of Australia has given inflation another astonishing kick with a thirteenth rate hike. The decision lifts the official cash rate by 25 basis points to 4.35%. For mortgage holders, November will offer no relief as the changes ripple across home loans.

The November rate hike is the first official interest rate change from new RBA governor Michele Bullock, and breaks the five-month rate hold maintained by the RBA to combat inflation.

"Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago," Bullock said. 

Another hike was deemed necessary after a surprisingly high September Consumer Price Index. While we’re still on the downhill slope, today’s hike was to ensure the slowdown sticks. 

The RBA’s monetary policy has been extremely hawkish during this cycle, despite the extended pause. Each decision to hike serves as a reminder not to get complacent. 

Home values have steadied amid higher listings and surprisingly warm buyer demand into spring, and unemployment remains at historic lows. But even these gains might be at risk with the cash rate at an eleven-year high.

“One of the things the RBA is trying to do is to increase unemployment, and that happens when businesses are not getting the revenue and, therefore, profits they need to sustain their operations. So they start cutting staff,” explains Mozo banking expert Peter Marshall.

“So that’s one way the RBA inflicts pain on people to help drive inflation down. And you know, former RBA governor Philip Lowe made that very clear during his term he wants to see unemployment higher. He wants it to go up around 5% – ‘where it should be.’”

A rise in unemployment is a major hallmark of a recession, which many pundits claim may be the inevitable cost of tackling inflation. Australians now sit between a rock and a hard place: inflation or recession. 

So which monster is worse? Former RBA governor Philip Lowe consistently maintained that inflation damages the economy far more than rate hikes, even if some Aussies hurt more than others. But this is a bitter pill for households who have cut back and saved yet still struggle with the cost of living.

“They want some people not to be able to afford the cost of living. Harsh reality, but that is their game. Annoying, isn’t it? It’s a terrible way to run people’s lives,” explains Marshall. 

“But I agree with Lowe’s rhetoric. Inflation is a terrible thing to live with. It means the money everybody has is constantly losing value, and it becomes harder and harder to live. So it depends whether you’re going to hurt everybody with inflation or hurt a few people with rate hikes. And I don’t know if there’s a correct call on that.”

Which banks have increased home loan rates?

Home Loan Old rate New rate Effective date Rate change Naughty or Nice
7.39 7.64 13 Nov 2023 0.25
7.19 7.44 17 Nov 2023 0.25
6.29 6.54 9 Nov 2023 0.25
6.99 7.24 16 Nov 2023 0.25
6.2 6.45 21 Nov 2023 0.25
7.99 8.24 10 Nov 2023 0.25
8.62 8.87 17 Nov 2023 0.25
8.78 9.03 17 Nov 2023 0.25
8.45 8.7 21 Nov 2023 0.25
8.55 8.8 17 Nov 2023 0.25
6.79 7.04 14 Nov 2023 0.25
7.61 7.86 17 Nov 2023 0.25
8.49 8.74 21 Nov 2023 0.25
8.51 8.76 27 Nov 2023 0.25
8.71 8.96 17 Nov 2023 0.25
6.44 6.69 14 Nov 2023 0.25
loans.com.au Smart Home Loan 90 (Owner Occupier, Principal & Interest)
6.79 7.04 10 Nov 2023 0.25
7.05 7.3 17 Nov 2023 0.25
8.61 8.86 11 Nov 2023 0.25
7.52 7.77 17 Nov 2023 0.25
8.25 8.5 17 Nov 2023 0.25
8.61 8.86 21 Nov 2023 0.25
8.86 9.11 21 Nov 2023 0.25
8.98 9.23 17 Nov 2023 0.25
6.44 6.69 16 Nov 2023 0.25
8.88 9.13 21 Nov 2023 0.25

We’ll track which lenders have changed home loan interest rates as word comes in. To see how your lender compares, visit our home loan comparison page.

How high will interest rates go in 2023? This may be the finale

RBA governor Michele Bullock interest rate decision

Charting the path of future rate hikes has always been a tricky business. Economic landscapes constantly evolve, and not even the RBA thought rates would go so high so quickly. But with thirteen rate hikes behind us now, mortgage-stressed borrowers will wonder how much further we must go. 

NAB has long been predicting an RBA hike in November, and CBA, ANZ, and Westpac changed their minds after the quarterly inflation data was released. However, the Big Banks agree this is the last rate hike for this year – and most likely, the last rate hike for this cycle, pending any further upside surprises in 2024. 

“So many cracks are appearing right now that indicate the economy is slowing and crashing. We’re more likely about to hit a recession, and that will see the rate increases stop,” explains Marshall. 

“Home loan delinquencies are going up, distressed sales are increasing. People are starting to have to sell houses they bought in the last couple of years at a lower price, so they’re taking losses. More businesses are closing down.”

And with core inflation showing signs of slowing, despite the moderate upset in September, the RBA may finally have gotten its wishes. “The economy is coming to a halt,” says Marshall. 

So the good news is that 4.35% may be the terminal cash rate. However, the RBA will continue to watch inflation like a hawk, leaving the future open to more rate rises if necessary.

Read last month's Reserve Bank interest rates update.

Compare home loans below.

Compare home loans - last updated 23 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).


* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.