Haven’t heard from your bank yet if they’re raising mortgage rates? Check out the full list of who announced rate hikes for home loan customers and how much more you’ll pay after the November hike.
Last week, the Reserve Bank of Australia raised the cash rate to 2.85%, the seventh consecutive monthly increase since May 2022. Millions of Australian homeowners might be curious to know when their bank might pass this rate change on to them. .
As of press time, 27 mortgage lenders have revealed that they are passing on the latest cash rate hike in full to customers of variable rate mortgages.
This latest rate hike could mean home loan customers could be paying more than $1,200 more for mortgage repayments than they were in April of this year.
|
Lender |
Rate change |
Effective date |
|
Commonwealth Bank of Australia |
0.25% |
10-Nov-22 |
|
Westpac Banking Corporation Ltd |
0.25% |
15-Nov-22 |
|
National Bank of Australia Limited |
0.25% |
11-Nov-22 |
|
ANZ Banking Group Limited |
0.25% |
11-Nov-22 |
|
Macquarie Bank Limited |
0.25% |
16-Nov-22 |
|
Suncorp Group Limited |
0.25% |
11-Nov-22 |
|
Bankwest |
0.25% |
11-Nov-22 |
|
Bank of Queensland |
0.25% |
11-Nov-22 |
|
Bank ME |
0.25% |
12-Nov-22 |
|
Virgin Money (Australia) Pty Limited |
0.25% |
11-Nov-22 |
|
St. George’s Bank |
0.25% |
15-Nov-22 |
|
Bank of Melbourne |
0.25% |
15-Nov-22 |
|
Bank SA |
0.25% |
15-Nov-22 |
|
ING |
0.25% |
8-Nov-22 |
|
first mac |
0.25% |
3-Nov-22 |
|
loans.com.au |
0.25% |
3-Nov-22 |
|
Newcastle Permanent Building Society |
0.25% |
10-Nov-22 |
|
RAMS |
0.25% |
15-Nov-22 |
|
MyState Bank Limited |
0.25% |
15-Nov-22 |
|
Bendigo & Adelaide Bank Ltd |
0.25% |
11-Nov-22 |
|
RACQ Bank |
0.25% |
6-Dec-22 |
|
AMP Bank Limited |
0.25% |
11-Nov-22 |
|
Heritage Bank Limited |
0.25% |
9-Nov-22 |
|
Great South Bank |
0.25% |
8-Nov-22 |
|
australian bank |
0.25% |
14-Nov-22 |
|
BMI limited |
0.25% |
14-Nov-22 |
|
Credit Union SA SA |
0.25% |
9-Nov-22 |
Source: RateCity.com.au. Data accurate as of 07/11/22
How much will your mortgage cost you now?
This month, the Reserve Bank of Australia (RBA) raised the cash rate by 25 basis points – its seventh consecutive increase. If owners weren’t already feeling the financial pinch, there’s no doubt they soon will be.
RateCity calculated the numbers for several home loan amounts to determine what your repayments might be if your lender had fully passed on each cash rate hike.
For a homeowner on a $750,000 home loan, their repayments are now $1,251 more than before the first rate hike. That’s equivalent to paying three energy bills a month, or the cost of a new TV
These repayment calculations are based on a 25-year loan, at an initial interest rate of 2.86% in April – based on the RBA’s average existing customer rate at the time.
$500,000 home loan: payment increases due to rising cash rates
|
Month |
Estimated refund |
Difference |
|
Apr-22 |
$2,335 |
|
|
May-22 |
$2,400 |
$65 |
|
Jun-22 |
$2,532 |
$197 |
|
Jul-22 |
$2,667 |
$333 |
|
August 22 |
$2,807 |
$472 |
|
Sep 22 |
$2,949 |
$614 |
|
October 22 |
$3,022 |
$687 |
|
November 22 |
$3,169 |
$834 |
$750,000 home loan: payment increases due to rising cash rates
|
Month |
Estimated refund |
Difference |
|
Apr-22 |
$3,502 |
|
|
May-22 |
$3,599 |
$97 |
|
Jun-22 |
$3,798 |
$295 |
|
Jul-22 |
$4,001 |
$499 |
|
August 22 |
$4,210 |
$708 |
|
Sep 22 |
$4,424 |
$922 |
|
October 22 |
$4,532 |
$1,030 |
|
November 22 |
$4,753 |
$1,251 |
$900,000 home loan: payment increases due to rising cash rates
|
Month |
Estimated refund |
Difference |
|
Apr-22 |
$4,203 |
|
|
May-22 |
$4,319 |
$117 |
|
Jun-22 |
$4,557 |
$354 |
|
Jul-22 |
$4,801 |
$599 |
|
August 22 |
$5,052 |
$849 |
|
Sep 22 |
$5,309 |
$1,106 |
|
October 22 |
$5,439 |
$1,236 |
|
November 22 |
$5,704 |
$1,501 |
$1,100,000 home loan: payments increase due to rising cash rates
|
Month |
Estimated refund |
Difference |
|
Apr-22 |
$5,137 |
|
|
May-22 |
$5,279 |
$142 |
|
Jun-22 |
$5,570 |
$433 |
|
Jul-22 |
$5,868 |
$732 |
|
August 22 |
$6,175 |
$1,038 |
|
Sep 22 |
$6,488 |
$1,352 |
|
October 22 |
$6,648 |
$1,511 |
|
November 22 |
$6,971 |
$1,835 |
Source: RateCity.com.au. Hypothetical example based on a loan term of 25 years and an initial interest rate of 2.86%, based on the average rate of existing RBA customers in April 2022. Excludes fees.
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