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RateCity Rate Tracker

Don’t sit around waiting for an email or a letter from your bank letting you know your rate hasmoved – our Rate Tracker page is updated as new rates are announced.

No time to check the website? Stay up to date with the latest RBA news by signing up to RateCity’s Rate Tracker email alerts, so you can be the first to know if your bank has changed their mortgage rates.
Company
Rate change for owner-occupiers

0.5%

Lowest rate

3.79%

Date effective

11 Aug 2022

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Company
Rate change for owner-occupiers

0.5%

Lowest rate

3.69%

Date effective

12 Aug 2022

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Company
Rate change for owner-occupiers

0.5%

Lowest rate

3.64%

Date effective

18 Aug 2022

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Company
Rate change for owner-occupiers

0.5%

Lowest rate

3.94%

Date effective

04 Aug 2022

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Company
Rate change for owner-occupiers

0.5%

Lowest rate

3.69%

Date effective

12 Aug 2022

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Savings Account Rate Changes

Company
Rate Increase

0.5%

Only for NetBank Saver

Highest Rate

1.8%

Date effective

12 Aug 2022

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Make at least one deposit and no withdrawals each calendar month

Company
Rate Increase

0.5%

Highest rate is for Life (18 to 29 years) with Spend&Save bonus interest

Highest Rate

3.25%

Date effective

04 Aug 2022

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Make 5+ debit card purchases on your Westpac Choice account and and grow your Westpac Life account balance each month.

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Company
Rate Increase

0.5%

Highest Rate

1.75%

Date effective

12 Aug 2022

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Make a deposit every month with no withdrawals

Company
Rate Increase

0.5%

Highest Rate

2.25%

Date effective

12 Aug 2022

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Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Company
Rate Increase

0.5%

Highest Rate

2.85%

Date effective

01 Sep 2022

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Deposit $200+ each month

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Rate Alert

Get notified if your lender passes on rate changes.

Company

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What if the cash rate changes?

Loan Details

Remaining Loan Amount

$

Remaining Loan Term

Current Interest Rate

%

Size of rate change

Repayment Frequency

Repayment with the new cash rate
  • New Interest Rate4%
  • New Repayment amount$ 2121
  • Monthly addition of$ 91

The result provided is an estimate only. Please read our for more information.

Interest rate change calculator

If cash rate increases
If cash rate increases
  • If you have a variable rate, your lender will probably raise your home loan interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your home loan interest rate will remain unchanged for the rest of your fixed-rate term.
If the cash rate holds
If the cash rate holds
  • If you have a variable rate, your lender will probably leave your home loan interest rate unchanged (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your home loan interest rate will remain unchanged for the rest of your fixed-rate term.
If the cash rate decreases
If the cash rate decreases
  • If you have a variable rate, your lender will probably lower your home loan interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your home loan interest rate will remain unchanged for the rest of your fixed-rate term.
If cash rate increases
If cash rate increases
  • If you have a savings account, your lender will probably raise your interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a term deposit, your interest rate will remain unchanged for the rest of your term.
If the cash rate holds
If the cash rate holds
  • If you have a savings account, your lender will probably leave your interest rate unchanged (although it is allowed to act independently of the Reserve Bank).
  • If you have a term deposit, your interest rate will remain unchanged for the rest of your term.
If the cash rate decreases
If the cash rate decreases
  • If you have a savings account, your lender will probably lower your interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a term deposit, your interest rate will remain unchanged for the rest of your term.
If cash rate increases
If cash rate increases
  • If you have a variable rate, your lender may raise your personal loan interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your personal loan interest rate will remain unchanged for the rest of your fixed-rate term.
If the cash rate holds
If the cash rate holds
  • If you have a variable rate, your lender will probably leave your personal loan interest rate unchanged (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your personal loan interest rate will remain unchanged for the rest of your fixed-rate term.
If the cash rate decreases
If the cash rate decreases
  • If you have a variable rate, your lender may lower your personal loan interest rate (although it is allowed to act independently of the Reserve Bank).
  • If you have a fixed rate, your personal loan interest rate will remain unchanged for the rest of your fixed-rate term.
If cash rate increases
If cash rate increases
  • Credit card providers generally don’t take notice of Reserve Bank decisions when setting interest rates.
If the cash rate holds
If the cash rate holds
  • Credit card providers generally don’t take notice of Reserve Bank decisions when setting interest rates.
If the cash rate decreases
If the cash rate decreases
  • Credit card providers generally don’t take notice of Reserve Bank decisions when setting interest rates.

Calculator Assumptions and Disclaimers

  • Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
  • Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
  • Months are assumed to be of equal length. However given some months are longer than others interest charged may vary depending upon the month.
  • One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
  • All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
  • Calculator does not include the cost of fees or other extra charges.
  • This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances.Read our full disclaimer.

What is the RBA cash rate?

The cash rate is the interest rate on unsecured overnight loans between banks and other lenders. The cash rate is set by the Reserve Bank of Australia (RBA) and affects the interest rates banks charge their customers, as well as the rates of interest paid on savings accounts and term deposits. 

Eleven times a year, the RBA meets to decide whether the cash rate should go up, down or remain the same – a decision which affects millions of Australians. The RBA decides what the national cash rate will be on the first Tuesday of every month, with the exception of January.

How does the RBA cash rate affect financial products?

Changes to the national cash rate often lead to changes in interest rates from banks and other financial institutions. A rising cash rate often leads to increasing interest rates, and cuts to the cash rate can see interest rates fall. 

Lower interest rates can be welcome news to borrowers with credit products, such as home loans, personal loans and car loans. Falling variable interest rates can mean cheaper loan repayments, easing pressure on household budgets, or giving borrowers an opportunity to pay off loans sooner. On the other hand, a rising cash rate can see variable interest rates increase for these loans, potentially leading to financial stress.   

Credit card interest rates aren’t typically affected by changes to the RBA cash rate. This is partially because credit cards are effectively unsecured loans, with higher interest rates required to help cover their higher risk.

Changes to the RBA cash rate can also affect savings products, such as savings accounts and term deposits. If the interest rates rise along with the cash rate, account holders may be able to earn more interest from their savings, growing their wealth faster. But if the cash rate falls and interest rates are cut, you may not earn as much interest on your savings.

Keep in mind that while changes to the cash rate can affect interest rates, it’s not the only factor in play. Banks and financial institutions have multiple funding sources, and may choose to raise or lower their interest rates out of cycle from the RBA

How often does the RBA cash rate change?

The RBA is likely to change the cash rate when macroeconomic factors, such as inflation, wage growth, or unemployment levels, indicate it is necessary. There is no rule for how often it may change.

For example, the RBA has hiked the cash rate a series of times in 2022. Prior to this, the last time the cash rate was was hiked was over a decade earlier in November 2010, when the cash rate rose by 25 basis points to 4.75 per cent.

Further, the RBA cut the cash rate three times in 2020 – a rare two cuts in March 2020 in response to the COVID-19 pandemic and recession, and a partial cut of 15 basis points in November 2020.

When do banks pass on RBA cash rate changes?

Once the RBA has announced the cash rate is moving, lenders will decide whether they intend to pass this change on to their customers. Some banks may make this decision immediately, while others can take days, or even weeks to make an announcement.

One of the easiest ways to keep track of what each lender is doing is by following RateCity on Facebook, Twitter or on this page. RateCity’s RBA Cash Rate Tracker can help you find out when the RBA has changed rates and how it will affect you, including a comprehensive list of which lenders have moved their home loan interest rates following a change to the cash rate. You can also find out which lenders are offering the most competitive interest rates on the market, learn how to refinance your home loan and keep up-to-date of the latest RBA news.

So don’t sit around waiting for an email or a letter from your bank letting you know they’ve moved – our Rate Tracker page is updated as new rates are announced.