RBA Rate Increase May 2022: Mortgage Rates Update

The Reserve Bank of Australia (RBA) has increased the cash rate by 0.25% basis points in May taking the official cash rate to a new high of 0.35%. It marks the first time since November 2010 that there has been a cash rate increase.

But don't wait for your bank to send you an email or a letter informing you if they’ve passed on the rate increase. Your Mortgage will provide regular updates on which lenders are passing on the rate increase to variable rate home loans, as they are announced.

Which lenders have passed on the RBA rate rise?

All interest rate increases listed below are for variable rates only and refer to lenders' responses to the RBA rate rise on May 3 2022.

This page was last updated 18 May 2022. P&I = Principal and Interest, IO = Interest Only, OO = Owner-occupier.

Big 4

ANZ interest rate rise
Commonwealth Bank interest rate rise
NAB interest rate rise
Westpac interest rate rise

Banks

Adelaide Bank interest rate rise
AMP interest rate rise
ANZ interest rate rise
Arab Bank Australia interest rate rise (pending)
Australian Military Bank interest rate rise
Australian Unity interest rate rise (pending)
Auswide Bank interest rate rise
Bank Australia interest rate rise
Bank of Melbourne interest rate rise
Bank of Queensland (BOQ) interest rate rise
Bank of us interest rate rise
BankFirst interest rate rise (pending)
BankSA interest rate rise
Bankstown City Unity Bank interest rate rise (pending)
BankVic interest rate rise (pending)
Bankwest interest rate rise
BCU interest rate rise
Bendigo Bank interest rate rise
Beyond Bank interest rate rise (pending)
Citi interest rate rise (pending)
Commonwealth Bank interest rate rise
Community First Credit Union interest rate rise (pending)
Credit Union SA interest rate rise (pending)
Defence Bank interest rate rise (pending)
Delphi Bank interest rate rise (pending)
Easy Street Financial Services interest rate rise (pending)
Endeavour Mutual Bank interest rate rise (pending)
G&C Mutual Bank interest rate rise (pending)
Gateway Bank interest rate rise (pending)
Geelong Bank interest rate rise (pending)
Greater Bank interest rate rise
Great Southern Bank interest rate rise
Heritage Bank interest rate rise (pending)
Horizon Bank interest rate rise
HSBC interest rate rise
Hume Bank interest rate rise
Hunter United interest rate rise (pending)
Illawarra Credit Union interest rate rise (pending)
IMB Bank interest rate rise
ING interest rate rise
Macquarie Bank interest rate rise
Macquarie Credit Union interest rate rise (pending)
ME Bank interest rate rise
MOVE Bank interest rate rise
MyState Bank interest rate rise
NAB interest rate rise
Newcastle Permanent interest rate rise
P&N Bank interest rate rise
People's Choice CU interest rate rise (pending)
Police Credit Union interest rate rise (pending)
QBank interest rate rise
Qudos Bank interest rate rise
RAMS interest rate rise
RACQ interest rate rise
Regional Australia Bank interest rate rise (pending)
Service One Alliance Bank interest rate rise (pending)
Southern Cross Credit Union interest rate rise (pending)
St George interest rate rise
Summerland Credit Union interest rate rise (pending)
Suncorp interest rate rise
Sydney Mutual Bank interest rate rise (pending)
Teachers Mutual Bank interest rate rise
The Capricornian interest rate rise (pending)
The Mutual Bank interest rate rise (pending)
UBank interest rate rise (pending)
UniBank interest rate rise
Westpac interest rate rise

Non-bank lenders

86 400 interest rate rise (pending)
Athena interest rate rise
Aussie interest rate rise (pending)
Freedom Lend interest rate rise
Homeloans.com.au interest rate rise (pending)
Homestar Finance interest rate rise (pending)
La Trobe Financial interest rate rise (pending)
Liberty Financial interest rate rise (pending)
loans.com.au interest rate rise
Mortgage House interest rate rise (pending)
Nano Digital Home Loans interest rate rise
Pepper Money interest rate rise (pending)
RAMS interest rate rise (pending)
Reduce Home Loans interest rate rise
Resimac interest rate rise
State Custodians interest rate rise (pending)
TicToc interest rate rise (pending)
Virgin Money interest rate rise

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Rate Type	Ongoing Fee	Upfront Fees	LVR	as ofDecember 3, 2023

	6.04^%_p.a.	6.06^%_p.a.	^$2,408	Variable	^$0	^$530	90^%	More details
4.5 STAR CUSTOMER RATINGSINCLUDES NOV RBA RATE INCREASE	Variable Home Loan (LVR < 90%) Low rates for purchase and refinancing Simple online application process No fees, unlimited redraws, 0.10% offset
4.5 STAR CUSTOMER RATINGSINCLUDES NOV RBA RATE INCREASE Variable Home Loan (LVR < 90%) Low rates for purchase and refinancing Simple online application process No fees, unlimited redraws, 0.10% offset More details
	5.74^%_p.a.	5.65^%_p.a.	^$2,332	Variable	^$0	^$0	80^%	More details
	Variable Rate Home Loan – Refinance Only
Variable Rate Home Loan – Refinance Only More details
	6.34^%_p.a.	6.34^%_p.a.	^$2,486	Variable	^$0	^$0	50^%	More details
	Straight Up Investor - Obliterate (LVR < 50%) (Principal and Interest)
Straight Up Investor - Obliterate (LVR < 50%) (Principal and Interest) More details

Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

Product Features

Immediate cashback upon settlement
$2000 for loans up to $700,000
$4000 for loans over $700,000

Monthly repayments:$2,408

6.04%Advertised Rate (p.a.)

6.06%Comparison Rate*

More details

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 December 3, 2023.