What’s happening to interest rates?
On Tuesday the 3rd of May 2022, the Reserve Bank of Australia (RBA) announced that they were lifting the cash rate from a historical low of 0.10% per annum to 0.35% per annum – their first rate increase since November 2010.
Since then, the RBA has announced 12 more rate rises (four 0.50% increases, eight 0.25% increases), taking the cash rate to 4.35%.
The RBA’s 5 ‘no change’ announcements in 2023 (July, August, September, October and December) and most recent ‘no change’ announcement in February 2024 have provided short periods of welcome relief for many homeowners.
So how much did interest rates go up by in 2023?
The total rate increase for 2023 was 1.25% per annum, with the RBA deciding to increase the cash rate by 0.25% per annum in February, March, May, June and November (no changes announced in January, April, July, August, September, October and December).
Most lenders followed suit, which you can see in the table below.
How much did interest rates increase by in 2022?
The cash rate set by the RBA rose by 3.00% per annum in 2022.
But not-so-fun fact, the interest rate on your home loan isn’t set by the RBA, it’s set by the specific bank or lender you’ve borrowed money from to purchase your property.
This is where things get interesting (‘scuse the pun)…
Historically speaking, banks and lenders have typically changed their variable home loan interest rates after an RBA announcement, but when and by how much is always a talking point.
Hot tip: It’s generally not always the same as the RBA.
To add another layer, sometimes lenders don’t personally let you know how much your home loan interest rate has increased by. In fact, many lenders are only obligated to print an ad in a national newspaper to inform customers on their rate changes. Crazy huh!
So keeping track of changes to your interest rate can be tricky, which is why we have created the list below to help you understand which banks and lenders have moved and by how much.
We will continue to keep this list up to date as lenders respond to the RBA announcements.
So which banks have increased their interest rates in 2022, 2023 and 2024? Let’s dive in…
Interest rate tracker – February 2024
We did not see a cash rate increase in February 2024.
Annual interest rate increases 2024
Annual interest rate increases for existing customers – current as at 8th February, 2024.
A reminder: The RBA didn’t meet in January, so we didn’t see a cash rate hike that month.
Lender | Jan | Feb |
Adelaide Bank | N/A | N/A |
AMP Bank | N/A | N/A |
ANZ | N/A | N/A |
Athena Home Loans | N/A | N/A |
Australian Military Bank | N/A | N/A |
Auswide Bank | N/A | N/A |
Bank Australia | N/A | N/A |
Bank First | N/A | N/A |
Bank of Melbourne | N/A | N/A |
Bank of Queensland | N/A | N/A |
Bank of Sydney | N/A | N/A |
BankSA | N/A | N/A |
Bankwest | N/A | N/A |
Bendigo Bank | N/A | N/A |
Beyond Bank | N/A | N/A |
Bluestone | N/A | N/A |
Citi | N/A | N/A |
Commonwealth Bank | N/A | N/A |
Firstmac | N/A | N/A |
Great Southern Bank | N/A | N/A |
HSBC | N/A | N/A |
ING | N/A | N/A |
Macquarie Bank | N/A | N/A |
ME Bank | N/A | N/A |
MyState Bank | N/A | N/A |
NAB | N/A | N/A |
Newcastle Permanent | N/A | N/A |
RACQ Bank | N/A | N/A |
RAMS | N/A | N/A |
Resimac | N/A | N/A |
St. George Bank | N/A | N/A |
Suncorp Bank | N/A | N/A |
UBank | N/A | N/A |
Virgin Money | N/A | N/A |
Westpac | N/A | N/A |
Annual interest rate increases 2023
Annual interest rate increases for existing customers – current as at 31st December, 2023.
A reminder: The RBA didn’t meet in January, so we didn’t see a cash rate hike that month.
Lender | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Adelaide Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
AMP Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
ANZ | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Athena Home Loans | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Australian Military Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Auswide Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bank Australia | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bank First | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | Unknown | N/A |
Bank of Melbourne | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bank of Queensland | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bank of Sydney | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
BankSA | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bankwest | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bendigo Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Beyond Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Bluestone | N/A | 0.25% – 0.29% | 0.25% – 0.29% | N/A | 0.25% – 0.40% | 0.25% – 0.30% | N/A | N/A | N/A | N/A | 0.25% – 0.35% | N/A |
Citi | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Commonwealth Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Firstmac | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Great Southern Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
HSBC | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | Unknown | N/A |
ING | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Macquarie Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
ME Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
MyState Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
NAB | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Newcastle Permanent | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
RACQ Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
RAMS | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Resimac | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | Unknown | N/A |
St. George Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Suncorp Bank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
UBank | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Virgin Money | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Westpac | N/A | 0.25% | 0.25% | N/A | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A |
Annual interest rate increases 2022
Annual interest rate increases for existing customers – current as at 31st December, 2022.
Lender | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Adelaide Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
AMP Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
ANZ | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Athena Home Loans | 0.25% | 0.50% | 0.65% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Australian Military Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Auswide Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bank Australia | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bank First | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bank of Melbourne | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bank of Queensland | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bank of Sydney | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
BankSA | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bankwest | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bendigo Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Beyond Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Bluestone | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.30% | 0.25% | 0.25% |
Citi | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Commonwealth Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Firstmac | 0.25% | 0.50% | 0.50% | 0.50% | 0.60% | 0.25% | 0.25% | 0.25% |
Great Southern Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
HSBC | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
ING | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Macquarie Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
ME Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
MyState Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
NAB | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Newcastle Permanent | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
RACQ Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.15% | 0.25% | 0.25% |
RAMS | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Resimac | 0.25% | 0.75% | 0.50% | 0.50% | 0.65% | 0.25% | 0.25% | 0.25% |
St. George Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Suncorp Bank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
UBank | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Virgin Money | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Westpac | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
Note: This table highlights the lenders’ announced changes to their variable rate home loans. However, your own interest rate will depend on your specific home loan product.
Want advice on cashback offers, what to do when your fixed rate mortgage comes to an end or keen to review your options or see what this all means for you?