February RBA hike: which banks have increased home loan rates

By Maria Gil · · 2 min read
Fact Checked
people jumping off towers as the rba cash rate goes up

Last Updated: 13 February at 11:30am

The Reserve Bank Australia has increased the cash rate by 25 basis points putting the new rate at 3.35%.

With each change to the cash rate last year, lenders raised their variable home loan rates in kind. We expect the same to happen again. But don’t despair, the good news is that we might see increases to savings and term deposit rates as well.

Which lenders have moved on home loan interest rates?

To help you keep track of home loan interest changes, this page will be regularly updated with the size of the increase and when it will come into effect.

Below, we’ve also included a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 7 February 2023 for reference. These numbers are likely to continue increasing in the coming weeks.

Loan Type Average
Variable 5.68% p.a.
1-year fixed 5.50% p.a.
2-year fixed 5.82% p.a.
3-year fixed 5.99% p.a.
4-year fixed 6.29% p.a.
5-year fixed 6.45% p.a.

Big Four

woman picking up green blocks

ANZ

  • Effective 17 Feb , ANZ will increase its home loan variable rates by 0.25% p.a.
  • Effective 14 Feb, ANZ Plus Save will increase to 4.00% p.a.

CBA

  • Effective 17 Feb, CBA will increase its home loan variable interest rates by 0.25% p.a.
  • Effective 10 Feb , its GoalSaver and Youthsaver accounts will increase to 4.00% p.a.

NAB

  • Effective 17 Feb , NAB will increase variable home loan rates by 0.25% p.a.

WESTPAC

  • Effective 21 Feb, Westpac will increase its home loan variable rates by 0.25% p.a.
  • Effective 21 Feb, Westpac Life will increase to 4.00% p.a., Westpac eSaver will increase to 4.00% for new customers for the first five months.

Major Banks

girl picking pink blocks

Virgin Money

  • Effective 10 February, Virgin Money will increase its variable home loan interest rates by 0.25% p.a.

Suncorp Bank

  • Effective 17 February, Suncorp will increase variable home loans rates by 0.25% p.a.
  • Effective 16 February, Suncorp's Growth Saver account will increase its interest rates to 4.25% p.a.

ME Bank

  • Effective 11 February, ME Bank will increase home loan variable rates by 0.25% p.a.

Bank of Queensland

  • Effective 10 February , BOQ will increase its home loan variable rates by 0.25% p.a.

MyState Bank

  • Effective 20 February , MyState Bank will increase variable home loan interest rates by 0.25% p.a.
  • Effective 13 February, its Bonus Saver account will increase to 4.35% p.a.

Macquarie Bank

  • Effective 22 Feb, Macquarie Bank will increase its variable home loan rates by 0.25% p.a.
  • Effective 22 Feb, it's saving account welcome rate will increase to 4.50% p.a.

Bankwest

  • Effective 17 Feb, Bankwest will increase its variable home loans by 0.25% p.a
  • Its hero Hero Saver rate will increase to 3.75% p.a. and its Easy Saver to 4.00% p.a.

BankFirst

  • Effective 24 Feb , BankFirst will increase its home loan variable rates by 0.35% p.a.

Newcastle Permanent

  • Effective 17 Feb, Newcastle Permanent will increase its home loan variable interest rates by 0.25% p.a.

Great Southern Bank

  • Effective 15 Feb , Great Southern Bank will increase its variable home loan rates by 0.25% p.a.

ING

  • Effective 14 Feb , ING will increase its home loan variable rates by 0.25%
  • Its Savings Maximiser will increase to 4.80% p.a.

Bendigo Bank

  • Effective 17 Feb, Bendigo Bank will increase its home loan variable rates by 0.25% p.a.
  • Effective 23 Feb, its Reward Saver products will increase by 0.25% p.a.