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- When will your bank hike your mortgage rate? December’s rate changes and costs revealed
When will your bank hike your mortgage rate? December’s rate changes and costs revealed
Haven’t heard from your bank yet if they’re hiking mortgage rates? Discover the full list of who has announced rate rises for home loan customers, and how much more you will be paying after December's hike.
Homeowners may want to keep in mind that the actual timeline of when your mortgage rate hike will come into effect is different to the ‘date effective’. This is because it can take 20-30 days from the date of your notification letter of rates increasing. Meaning, December’s rate hikes may not impact your household budget until February.
At the time of publishing, 37 home loan lenders have made announcements about when they will be passing on the latest cash rate hike to their variable rate home loan customers.
This latest rate increase could mean that home loan customers could be paying almost $1,200 more for mortgage repayments after this hike compared to April this year.
Lender | Rate Change | Date Effective |
Commonwealth Bank of Australia | 0.25% | 15-Dec-22 |
Westpac | 0.25% | 19-Dec-22 |
National Australia Bank | 0.25% | 16-Dec-22 |
ANZ | 0.25% | 16-Dec-22 |
Suncorp Group | 0.25% | 15-Dec-22 |
Macquarie Bank | 0.25% | 15-Dec-22 |
Bankwest | 0.25% | 16-Dec-22 |
Bank of Melbourne | 0.25% | 20-Dec-22 |
BankSA | 0.25% | 20-Dec-22 |
St. George Bank | 0.25% | 20-Dec-22 |
Virgin Money | 0.25% | 9-Dec-22 |
Bank of Queensland | 0.25% | 9-Dec-22 |
ME Bank | 0.25% | 10-Dec-22 |
RAMS | 0.25% | 19-Dec-22 |
ING | 0.25% | 12-Dec-22 |
loans.com.au | 0.25% | 8-Dec-22 |
Firstmac | 0.25% | 8-Dec-22 |
Auswide Bank | 0.25% | 15-Dec-22 |
Newcastle Permanent | 0.25% | 16-Dec-22 |
Bank First | 0.25% | 16-Dec-22 |
AMP Bank | 0.25% | 16-Dec-22 |
Bendigo & Adelaide Bank | 0.25% | 16-Dec-22 |
Adelaide Bank | 0.25% | 16-Dec-22 |
RACQ Bank | 0.25% | 24-Jan-23 |
Australian Military Bank | 0.25% | 20-Dec-22 |
Greater Bank | 0.25% | 16-Dec-22 |
Qudos Bank | 0.25% | 22-Dec-22 |
Bananacoast Community Credit Union | 0.25% | 15-Dec-22 |
Bank Of Sydney | 0.25% | 14-Dec-22 |
Gateway Bank | 0.25% | 12-Dec-22 |
Athena Home Loans | 0.25% | 8-Dec-22 |
P&N Bank | 0.25% | 15-Dec-22 |
Great Southern Bank | 0.25% | 15-Dec-22 |
Bank Australia | 0.25% | 13-Dec-22 |
Credit Union SA | 0.25% | 14-Dec-22 |
Homestar Finance | 0.25% | 12-Dec-22 |
Horizon Bank | 0.25% | 9-Dec-22 |
Source: RateCity.com.au. Data accurate as of 13/12/22
- Is your lender not on the list yet? Check our live RBA cash rate tracker page for more information.
How much will your mortgage repayments rise?
Following the Reserve Bank of Australia (RBA)’s eighth hike to the cash rate in a row, the Australian cash rate now sits at 3.10%. Homeowners are no doubt feeling the financial pinch, and likely wondering when will rates stop increasing?
And it’s no surprise, given that RateCity research shows that for a homeowner on a $750,000 home loan, their repayments are now $1,251 more than prior to the first rate hike.
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: payment increases from 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 |
$750,000 home loan: payment increases from 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 |
$900,000 home loan: payment increases from 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 |
$1,100,000 home loan: payment increases from 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 | $1,834 |
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. Does not factor in fees.
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Product database updated 17 May, 2024
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