CommBank is the first of the big four banks to respond to the Reserve Banks of Australia’s latest rate hike, which brought the cash rate to 1.85%.

Since May, the official cash rate has already risen by 175 basis points from the historic low of 0.10%.

Here’s how the big four banks responded to the August hike:


CBA is passing the full 50bps rate hike to its borrowers, raising its standard variable rates for owner-occupiers and investors under both principal and interest (P&I) and interest-only (IO) payment terms.

The new rates will apply starting 12 August 2022.

However, it will be offering a special 4-Year Owner-Occupier P&I Fixed Home Loan Package rate of 4.99% (5.46% p.a. comparison rate) starting 5 August 2022.

CBA group executive for retail banking Angus Sullivan said this new 4-Year Fixed Rate is 160bps lower than the current fixed package.

“This has been rolled out especially to support customers looking for certainty in a changing rate environment,” he said.

“Customers can contact us via the CommBank app or connect with a home lending specialist to explore the different support options available, including how using rate lock can help to secure the 4-year fixed rate special offer.”

CBA will also increase its deposit rates — its NetBank Saver standard variable interest rate will increase 50bps to 0.85% p.a.

Meanwhile, the introductory variable rate for the NetBank Saver will also increased by the same amount to 1.80% p.a. This rate is available for a period of five months.

The new variable rates for NetBank Saver will be available on 12 August 2022.

CBA will also increase its 18-month Term Deposit special offer rate to 3.00% p.a, available starting 8 August 2022.

“We want to support our customers where we can, and that includes increasing select deposit rates so they can achieve a better return on their savings and manage any pressures to their family budget associated with cost of living,” Mr Sullivan said.


ANZ is also passing the 50bps rate hike in full.

Its variable interest rates for home loans will increase by 50bps p.a. starting 12 August 2022.

The 50bps hike will increase monthly repayments by $121 on an average home loan of $450,000 for an owner-occupier paying principal and interest.

ANZ will also be increasing its interest rate on ANZ Plus Save account balances of less than $250,000 to 2.50% p.a., which will take effect on 8 August 2022.

Furthermore, the bank will offer a new 11-month Advance Notice term deposit rate of 3.00% p.a., which will also be available on 8 August 2022.


Mortgage variable rates at NAB will increase by 50bps p.a. effective 12 August 2022.

NAB will also be making changes in its savings rates:

  • NAB’s iSaver will increase 50bps to 1.80% p.a. effective from 12 August 2022
  • NAB’s Reward Saver bonus rate will increase 50bps to 1.75% p.a. effective from 12 August 2022
  • NAB’s 12-month term deposit will increase 50bps to 3.00% p.a. effective from 12 August 2022.


Westpac will hike its variable interest rates by 50bps for new and existing customers starting 18 August 2022.

To help other borrowers who want to lock their rates, Westpac will be offering a special four-year fixed rate of 4.99% p.a. for owner-occupiers paying P&I. This special package has a $395 annual fee and will be available on 9 August 2022.

Deposit customers will also have their savings rates boosted:

  • Westpac Life total variable rate with bonus interest will increase 50bps to 1.85% p.a., effective 18 August.
  • Under Westpac’s Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 3.25% p.a., an increase of 50bps, effective 18 August.
  • Westpac eSaver standard variable rate will increase by 55bps to 0.85% p.a. for new and existing customers. The five-month total introductory variable rate for new eSaver customers will increase to 1.80% p.a., effective 18 August.
  • Customers will be able to access a new Term Deposit offer of 3.00% p.a. for 12 to 23 months, effective 8 August.