Home loan

Which banks have increased mortgage rates?

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Last update: October 10 at 12:35 p.m.

The Reserve Bank Australia raised the benchmark rate by 25 basis points at its October meeting, continuing a six-month campaign to tame inflation. The decision leaves the cash rate at 2.60%, the highest since August 2013.

With each change in the cash rate this year, lenders have been quick to increase their variable-in-kind mortgage rates. This was the case across the entire market with a few exceptions. As in previous months, it’s a safe bet that financial institutions won’t hesitate to pass on the rate hike to their customers.

Which lenders have changed home loan interest rates?

Ad response times will vary from lender to lender. To help you keep track of important changes, this page will be regularly updated with decisions from popular lenders, including the size of the increase and its effective date.

Below, we’ve also included an overview of the average home loan rates per homeowner in Mozo’s database as of October 4, 2022 for your reference. These numbers are likely to increase significantly in the coming weeks.

Type of loan Medium
Variable 4.98%
1 year fixed 5.06%
2 year fixed 5.57%
fixed 3 years 5.81%
4 years fixed 6.07%
5 years fixed 6.30%

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  • From October 14, Virgin Money will increase its variable interest rates on home loans by 0.25% per year

Athena

  • From October 7, Athena will increase the variable rates of its owner-occupant mortgage by 0.25% per year It will increase its variable rate of investor mortgage by 0.10% per year

Nano

  • From October 11, Nano will increase its variable mortgage rates by 0.25% per year

loans.com.au

  • From October 10, loans.com.au will increase its variable mortgage rates by 0.25% per annum

Are you looking for the right home loan? Visit our home loan comparison page, where you can filter your search by rate and type. And if you’re an existing borrower, be sure to use our rate change calculator to see how rate increases of different sizes could affect your repayments.

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ATTENTION: This comparison rate only applies to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal charges or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed corresponds to a guaranteed loan with monthly principal and interest repayments of $150,000 over 25 years.

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Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on the amount of your loan, the term of the loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See Mozo Experts Choice Home Loan Awards information

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offer documentation, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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