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Has your lender hiked your mortgage rate for March 2023?

Has your lender hiked your mortgage rate for March 2023?

13 Mar, 2023 - 5 min read

Has your lender hiked your mortgage rate for March 2023?

Check out our live bank rate tracker

Wondering if your home loan lender has announced its plans to hike your mortgage interest rate yet for March? See the full list of lenders who have announced increases to home loan variable rates.

At the time of publishing, 27 home loan lenders have announced they are passing on the latest cash rate hike in full to variable rate home loan customers – including the big four banks.

The March 2023 cash rate hike means that homeowners with a loan balance of $750,000 could be paying $1,474 more in mortgage payments than they were in April last year, according to RateCity research.

Variable Rate Home Loan LVR < 80%

Owner Occupied
Variable
20% min deposit

Special

Receive an extra 0.01% p.a. discount every year, up to a maximum discount of 0.30% p.a.

Built by CBA, this home loan deal allows borrowers who refinance benefit from an ongoing loyalty discount

Interest rate p.a.

5.99%

Comparison rate* p.a.

5.90%

More details

FeaturedAustralian Credit Licence: 234945 Unloan terms and conditions

Which lenders have increased interest rates so far?

Lender	Rate Change	Date Effective
Commonwealth Bank of Australia	0.25%	17-Mar-23
Westpac	0.25%	21-Mar-23
ANZ	0.25%	17-Mar-23
National Australia Bank	0.25%	17-Mar-23
Macquarie Bank	0.25%	22-Mar-23
AMP Bank	0.25%	10-Mar-23
Auswide Bank	0.25%	16-Mar-23
St. George Bank	0.25%	21-Mar-23
Bank of Melbourne	0.25%	21-Mar-23
BankSA	0.25%	21-Mar-23
Suncorp	0.25%	17-Mar-23
Firstmac	0.25%	9-Mar-23
loans.com.au	0.25%	9-Mar-23
Bank of Queensland	0.25%	13-Mar-23
Virgin Money	0.25%	13-Mar-23
ME Bank	0.25%	10-Mar-23
Bank Australia	0.25%	22-Mar-23
Greater Bank	0.25%	15-Mar-23
Australian Unity	0.25%	16-Mar-23
Newcastle Permanent	0.25%	17-Mar-23
Great Southern Bank	0.25%	15-Mar-23
FreedomLend	0.25%	10-Mar-23
Bendigo & Adelaide Bank	0.25%	17-Mar-23
Bankwest	0.25%	17-Mar-23
ING	0.25%	14-Mar-23
Credit Union SA	0.25%	16-Mar-23
The Capricornian	0.25%	13-Mar-23

Source: RateCity.com.au. Data accurate as of 13/03/2023

Is your lender not on the list yet? Check our live RBA cash rate tracker page for more information.

How much more will your mortgage repayments be?

The Reserve Bank of Australia hiked the cash rate for its tenth consecutive meeting in March, lifting it to 3.60%. For Australian homeowners, the mortgage pain may be far from over with the big four banks predicting a cash rate peak of 4.10% by May 2023.

While it is expected that mortgage rates will fluctuate over a 20-30-year loan term, these predictions would mean that the interest rate on your home loan could rise by 4% in just 12 months. This is one of the sharpest increases to rates by the RBA in history.

Millions of Australian homeowners may be wondering how severe the impact of this latest hike could be on their mortgage repayments.

RateCity has crunched the numbers on several home loan amounts to determine what your repayments could be if your lender has passed on every cash rate hike in full.

For a homeowner on a $750,000 home loan, your repayments are now $1,474 more than they were before the first rate hike in 2022. This is the equivalent of buying return flights to the US, or a MacBook Air, every single month.

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
Jun-22	$2,532	$197
Jul-22	$2,667	$333
Aug-22	$2,807	$472
Sep-22	$2,949	$614
Oct-22	$3,022	$687
Nov-22	$3,095	$760
Dec-22	$3,169	$834
Jan-23	/	/
Feb-23	$3,243	$908
Mar-23	$3,318	$983

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

Month	Estimated repayment	Difference
Apr-22	$3,502	/
May-22	$3,599	$97
Jun-22	$3,798	$295
Jul-22	$4,001	$499
Aug-22	$4,210	$708
Sep-22	$4,424	$922
Oct-22	$4,532	$1,030
Nov-22	$4,642	$1,140
Dec-22	$4,753	$1,251
Jan-22	/	/
Feb-23	$4,864	$1,362
Mar-23	$4,977	$1,474

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

Month	Estimated repayment	Difference
Apr-22	$4,203	/
May-22	$4,319	$117
Jun-22	$4,557	$354
Jul-22	$4,801	$599
Aug-22	$5,052	$849
Sep-22	$5,309	$1,106
Oct-22	$5,439	$1,236
Nov-22	$5,571	$1,368
Dec-22	$5,703	$1,501
Jan-23	/	/
Feb-23	$5,837	$1,634
Mar-23	$5,972	$1,769

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

Month	Estimated repayment	Difference
Apr-22	$5,137	/
May-22	$5,279	$142
Jun-22	$5,570	$433
Jul-22	$5,868	$732
Aug-22	$6,175	$1,038
Sep-22	$6,488	$1,352
Oct-22	$6,648	$1,511
Nov-22	$6,808	$1,672
Dec-22	$6,971	$1,835
Jan-23	/	/
Feb-23	$7,134	$1,998
Mar-23	$7,299	$2,163

Source: RateCity.com.au. Hypothetical example based on 25-year loan term and initial interest rate of 2.86%, as per the RBA’s average existing customer rate in April 2022. Assumes all rate hikes passed on. Does not factor in fees. No rate change in January 2023.

Owner Occupied
Variable
40% min deposit
P&I

6.30%

6.63%

$3,314

Australian Credit Licence 443249

Fees & charges apply

Ultra Low Rate (Variable) - <98% LVR - No LMI (New Purchases)

2024 Award Winner
Special
Owner Occupied
Variable
2% min deposit
P&I

6.30%

6.63%

$3,314

Australian Credit Licence 443249

Fees & charges apply

Ultra Low Rate (Variable) - <98% LVR - No LMI (Refinance)

Owner Occupied
Variable
2% min deposit
P&I

5.99%

6.12%

$3,218

More details

Australian Credit Licence 237502

Fees & charges apply

Basic Home Loan

Owner Occupied
Fixed 3 years
30% min deposit
P&I

5.99%

6.04%

$3,218

Enquire

Australian Credit Licence 388053

Fees & charges apply

Basic Home Loan

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

6.19%

6.54%

$3,280

More details

Australian Credit Licence 234517

Fees & charges apply

AMP Bank Professional Package Home Loan (Principal and Interest) ($500k+)

Owner Occupied
Variable
40% min deposit
P&I

6.19%

6.54%

$3,280

More details

Australian Credit Licence 234517

Fees & charges apply

AMP Bank Professional Package Home Loan (Principal and Interest) ($500k+)

Owner Occupied
Variable
20% min deposit
P&I

6.29%

6.30%

$3,311

Enquire

Australian Credit Licence 233714

Fees & charges apply

Basic Home Loan

Cashback
Owner Occupied
Variable
20% min deposit
P&I

Product database updated 02 May, 2024

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

Alex Ritchie

Personal Finance Editor

Alex Ritchie is a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over six years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.