The Reserve Bank of Australia has made its tenth consecutive month of rate increase in March, bringing the cash rate up 25bps to 3.60%, the highest since 2012.

Here are the responses from the four major home loan lenders


NAB is the first of the big four to announce changes in interest rates —it bank will be passing on the 25bps increase to its variable-rate borrowers, effective 17 March 2023.

There are also changes to NAB’s savings products:

  • NAB Reward Saver bonus interest rate will increase 25bps to 4.25% p.a.
  • NAB iSaver introductory and standard variable rates will both increase by 25bps to 4.25% p.a. and 1.60% p.a., respectively.
  • Term deposit interest rates will increase by up to 1.10% p.a.
  • The 12-month term deposit rate will be at 4.20% p.a.

All these changes to savings products will also take effect starting 17 March 2023.

Over the last 10 months, NAB said it had made 55 increases across its savings products.

NAB group executive for personal banking Rachel Slade said there is a dedicated team that can assist borrowers in navigating the continued changes in interest rates.

“Our support is designed to get our customers through the tough times, and we know that when our customers reach out to our NAB Assist team early for help, more than 95% of them are back on their feet financially within three months,” she said.

“As rates increase so does the focus on savings and deposit products, so now is a great time to shop around and find the best rate and product features that work for you.”

The article continues here.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset 
5.94% p.a.
5.95% p.a.
Principal & Interest
5.95% p.a.
5.95% p.a.
Principal & Interest
5.99% p.a.
5.90% p.a.
Principal & Interest
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .


Westpac is the second major bank to announce rate changes following the RBA's March rate hike.

For new and existing home loan borrowers, variable rates will increase 25bps effective 21 March. 

Here are the changes to Westpac's deposit rates:

  • Westpac Life standard variable rate will increase 25bps, with the total variable rate with bonus interest to 4.25% p.a.
  • Westpac eSaver standard variable rate will increase by 25bps.  This will bring the total variable rate to 4.25% p.a. for new eSaver customers for the first five months.
  • The 12-month Term Deposit offer will have an interest rate of 4.35% p.a. This will be available for Westpac customers who open or renew online. 

Westpac chief executive of consumer and business banking Chris de Bruin said the bank recognises the changes in budget habits by its borrowers on the back of rate rises and uncertainties in the economic outlook. 

“To help customers manage their budgets we offer a range of tools in the Westpac app to track spending and break down expenses. We also encourage customers to use our mortgage calculator to understand the impact of rising interest rates on their repayments," he said.

 “While the majority of our customers are in a good position to absorb the impact of rising interest rates, we recognise cost of living pressures are challenging. We stand ready to support customers requesting hardship assistance at this time.”


ANZ will be increasing its variable interest rates across home loans by 25bps startng 17 March.

The bank will also be increasing its savings rates. Here are the changes:

  • The interest rate of ANZ Plus Save account for balances less than $250,000 will increase 25bps to 4.25% p.a. effective 17 March. 
  • ANZ will be offering a new 12-month Advance Notice term deposit rate of 4.40% p.a., effective 14 March.

ANZ group executive for retail Maile Carnegie said borrowers facing difficulty must reach out to their lenders as soon as possible. 

"We understand this latest rate increase, combined with cost of living pressures, might cause some home loan customers to feel greater financial pressure and uncertainty," she said. 

"Our expert teams are here to tailor our support to your specific circumstances."


CommBank is the last of the big four to announce rate changes. 

The bank will be passing on the full rate hike to its borrowers, with variable rates for home loans increasing 25bps starting 17 March. 

CommBank also rolled out changes to its savings products:

  • NetBank Saver 5-month introductory variable interest rate will increase 25bps to 4.25% p.a., based on a 25bps increase in the standard variable interest rate to 1.85% p.a.
  • Youthsaver with bonus interest rate will increase by 25bps to 4.25% p.a., based on a 25bps increase in the standard variable interest rate to 1.85% p.a.
  • GoalSaver with bonus interest rate will increase by 15bps to 4.15% p.a., based on a 15bps increase in the standard variable interest rate. This builds on the 75bps increase to the GoalSaver with bonus interest rate delivered in February 2023, meaning that the GoalSaver with bonus interest rate has increased 90bps during 2023.
  • CommBank will be offering a 12-month Term Deposit special rate of 4.35% p.a.

CommBank group executive for retail banking Angus Sullivan said the changes in its savings rate provide customers with choices, to support them with their savings goals amid the changing rate environment. 

“We know the changing interest rate environment and rising cost of living mean that many Australian households are focused on what they can do to manage budgets, including rethinking some of their spending habits and savings goals," he said.

“That’s why we encourage Australians to explore our Cost of Living Support Hub where they can find a range of tools and insights designed to help them manage their finances."

“Customers seeking additional support can contact us directly to explore the options available to help alleviate concerns they may be experiencing. In addition to this support, we are also proactively contacting customers who are coming off a fixed rate mortgage this year, to discuss the support and options available."