RateCity.com.au
  1. Home
  2. Home Loans
  3. News
  4. Who has announced rate hikes for home loan customers in May?

Who has announced rate hikes for home loan customers in May?

Alex Ritchie avatar
Alex Ritchie
- 4 min read
Who has announced rate hikes for home loan customers in May?

Check out our live bank rate hike tracker now.

The Reserve Bank of Australia (RBA) hiked the cash rate by 25 basis points to 3.85%, the 11th increase in this cycle of tightening. Home loan customers may be holding their breath waiting to hear when their lenders will be passing this interest rate increase on to them. 

So, which banks and lenders have already announced rate hikes are coming for mortgage customers? At the time of publishing, 28 home loan lenders have revealed they will be increasing variable home loan rates – including the big four banks.

This latest cash rate hike means that homeowners with a loan balance of $750,000 could be paying $1,587 more in mortgage payments than they were in April last year, according to RateCity research. That is the equivalent of paying for a flight to the USA, or buying a Macbook Air, every single month. 

Suncorp Group Limited
Back to Basics Home Loan Special Offer
  • Owner Occupied
  • Variable
  • 40% min deposit

This home loan offers a highly competitive interest rate, no upfront or ongoing fees and unlimited extra repayments.

Interest rate p.a.

6.13%

Comparison rate* p.a.

6.14%

More detailsclick for more details

Which lenders have announced mortgage interest rate increases?

Lender

Rate Change

Date Effective

Commonwealth Bank of Australia

0.25%

11-May-23

Westpac

0.25%

16-May-23

NAB

0.25%

12-May-23

ANZ

0.25%

12-May-23

AMP Bank 

0.25%

4-May-23

Athena Home Loans  

0.25%

4-May-23

Auswide Bank

0.25%

11-May-23

Macquarie Bank 

0.25%

19-May-23

St.George

0.25%

16-May-23

Bank of Melbourne

0.25%

16-May-23

BankSA

0.25%

16-May-23

FreedomLend  

0.25%

5-May-23

loans.com.au

0.25%

4-May-23

ING

0.25%

9-May-23

Bankwest

0.25%

12-May-23

MyState Bank 

0.25%

15-May-23

Bendigo & Adelaide Bank 

0.25%

12-May-23

Suncorp Group 

0.25%

12-May-23

Bank of Queensland

0.25%

9-May-23

ME Bank

0.25%

13-May-23

Virgin Money

0.25%

9-May-23

Newcastle Permanent

0.25%

12-May-23

Greater Bank

0.25%

11-May-23

Credit Union SA 

0.25%

11-May-23

Bank Australia 

0.25%

17-May-23

RAMS

0.25%

16-May-23

Great Southern Bank

0.25%

12-May-23

Australian Military Bank 

0.25%

16-May-23

Source: RateCity.com.au. Data accurate as of 08/05/2023

  • Is your lender not on the list yet? Check our live RBA cash rate tracker page and hop on our mailing list to be notified when your lender announces rate changes. 

How much more will your mortgage repayments be following the May cash rate hike?

The RBA’s cash rate now sits at 3.85%, however, the mortgage rate pain may not be over yet. ANZ has tipped that we can expect at least one more increase to the cash rate in 2023, bringing its peak to 4.10%. 

Given that the cash rate was only 0.10% in April 2022, this means homeowners could experience a 4 percentage point increase on their interest rates in just 18 months. This would be one of the sharpest increases to home loan rates in the RBA’s history. The impact of this is likely to be severe on the mortgage repayments and household budgets of everyday Australians 

Exactly how much higher could your mortgage repayments climb? RateCity has crunched the numbers on several home loan amounts to determine what your repayments could be after the May hike - if your lender has passed on every increase in full. 

For a homeowner on a $750,000 home loan, your repayments could now be $1,587 more than they were before the first rate hike in 2022. 

These repayment calculations are based on a 25-year loan, at an initial interest rate of 2.86% in April - as per the RBA’s average existing customer rate at the time

$500,000 home loan: mortgage repayments after cash rate hikes

Month

Estimated repayment

Difference

Apr-22

$2,335

/

May-22

$2,400

$65

Feb-23

$3,243

$908

Mar-23

$3,318

$983

May-23

$3,393

$1,058

$750,000 home loan: mortgage repayments after cash rate hikes

Month

Estimated repayment

Difference

Apr-22

$3,502

/

May-22

$3,599

$97

Feb-23

$4,864

$1,362

Mar-23

$4,977

$1,474

May-23

$5,090

$1,587

$900,000 home loan: mortgage repayments after cash rate hikes

Month

Estimated repayment

Difference

Apr-22

$4,203

/

May-22

$4,319

$117

Feb-23

$5,837

$1,634

Mar-23

$5,972

$1,769

May-23

$6,108

$1,905

$1,100,000 home loan: mortgage repayments after cash rate hikes

Month

Estimated repayment

Difference

Apr-22

$5,137

/

May-22

$5,279

$142

Feb-23

$7,134

$1,998

Mar-23

$7,299

$2,163

May-23

$7,465

$2,328

Compare home loans in Australia

5.99%

6.04%

$3,218

Enquire

Australian Credit Licence 388053

Fees & charges apply

  • 2024 Award Winner
  • Owner Occupied
  • Variable
  • 40% min deposit
  • P&I

5.99%

6.29%

$3,218

Enquire

Australian Credit Licence 388053

Fees & charges apply

  • Owner Occupied
  • Fixed 3 years
  • 20% min deposit
  • P&I

6.29%

6.20%

$3,311

More detailsclick for more details

Australian Credit Licence 234945

Fees & charges apply

  • Special
  • Investor
  • Variable
  • 20% min deposit
  • P&I

6.34%

6.37%

$3,326

Enquire

Australian Credit Licence 388053

Fees & charges apply

  • Investor
  • Variable
  • 20% min deposit
  • P&I

Product database updated 21 May, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Promoted home loans

Unloan (a division of CBA)

Variable Rate Home Loan LVR < 80%

Real Time Rating™

  • 2024 Award Winner
  • Special
  • Owner Occupied
  • Variable

Interest rate p.a.

5.99%

Comparison rate* p.a.

5.90%

More detailsclick for more details

Australian Credit Licence 234945
Fees & charges apply

Product info
Bendigo & Adelaide Bank Ltd

Express Home Loan

Real Time Rating™

  • Special
  • Owner Occupied
  • Variable
  • 10% min deposit

Interest rate p.a.

6.01%

Comparison rate* p.a.

6.14%

More detailsclick for more details

Australian Credit Licence 237879
Fees & charges apply

Product info
St.George Bank

Basic Home Loan

Real Time Rating™

  • Cashback
  • Owner Occupied
  • Variable
  • 20% min deposit

Interest rate p.a.

6.29%

Comparison rate* p.a.

6.30%

Enquire

Australian Credit Licence 233714
Fees & charges apply

Product info
National Australia Bank Limited

Base Variable Rate Home Loan

Real Time Rating™

  • Investor
  • Variable
  • 10% min deposit
  • P&I

Interest rate p.a.

7.36%

Comparison rate* p.a.

7.41%

Enquire

Australian Credit Licence 230686
Fees & charges apply

Product info
product data updated on

Product data updated on 21 May 2024