Commonwealth Bank and ANZ were the first of the big four to pass on the rate hike in full, with NAB and Westpac expected to follow.

Commonwealth Bank

CBA was the first among the four to pass on the rate hike in full. The standard variable rates for both owner-occupiers and investors will be increased by 50bps effective 15 July 2022.

Here are the changes:

CBA Standard Variable Changes – July 2022

Owner-occupier (P&I)

5.80% p.a.

Investor (P&I)

6.38% p.a.

Owner-occupier (00)

6.29% p.a.

Investor (00)

6.64% p.a.

CBA group executive for retail banking Angus Sullivan said the bank will be supporting its clients by providing online tools that can help align borrowers to when and how often they are paid.

“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them — we encourage our customers to message us in the CommBank app to explore different support options or to connect with a home lending specialist,” he said.

In line with the mortgage rate increase, Mr Sullivan said CBA will also boost its deposit rates to help the bank’s clients with their saving goals. The following changes will also be effective 15 July 2022.

  • GoalSaver with bonus interest will increase to 1.25% p.a.
  • Youthsaver with bonus interest will increase to 1.45% p.a.
  • A 15-month Term Deposit Special offer of 2.50% p.a will be rolled out.


ANZ also passed on the RBA rate hike in full, increasing its variable interest rates effective from 15 July 2022.

ANZ will also be rolling out changes to its deposit rates:

  • 11-month Advance Notice term deposit will have a rate of 2.50% p.a. effective 11 July 2022.
  • Progress Saver accounts will have its bonus interest rate increased by 50bps starting 15 July 2022.
  • ANZ Plus accounts will bear an interest rate of 2% beginning 15 July 2022.

ANZ group executive for Australia retail Maile Carnegie said the increase in deposit rates will help customers face rising home loan rates and costs of living.

“We helped nearly 100,000 customers manage their home loans through the pandemic and our teams are ready to help now with a range of support options, including a free home loan check-in that can help them reorganise their loan so it continues to meet their needs,” she said.


NAB will be raising its standard variable rate by 50bps effective 15 July 2022.

The bank will also be raising its Reward Saver savings rate by 50bps.

Meanwhile, its 12-month Term Deposit account will bear an interest of 2.50% also effective on the same date.

NAB group executive for personal banking Rachel Slade said the bank is willing to work closely with its clients to provide support amid the changing rate environment.

“Overall, our customers are in a good position with many ahead on their repayments — for any customer who is interested in understanding what the increasing interest rate environment means for their home loan, or concerned about their financial situation, we are here to help," she said.


Westpac's home loan variable interest rates will increase by 50bps for new and existing customers starting 20 July 2022.

The bank will also introduce a similar rate increase for its Westpac Life savings customers, bringing the rate to 1.35% p.a. effective 22 July 2022.

Westpac customers will also be able to access a new Term Deposit offer of 2.50% p.a. between 12 months to 23 months starting 8 July 2022.

Westpac chief executive for consumer and business banking Chris de Bruin said the bank considered several factors in introducing these changes to better serve both borrowers and depositors.

“We know that some customers will be reassessing their household budgets as home loan interest rates rise — while the majority of our home loan customers are ahead on repayments and in a good position to adapt to interest rate changes, some may find it more challenging,” he said.

“We have a dedicated team to assist customers potentially facing financial difficulty, who provide personalised support including giving customers more time to get their finances back on track.”