What’s happening to interest rates?

On Tuesday the 3rd of May 2022, the Reserve Bank of Australia (RBA) announced that they were lifting the cash rate from a historical low of 0.10% per annum to 0.35% per annum – their first rate increase since November 2010. 

Since then, the RBA announced 12 more rate rises (four 0.50% increases, eight 0.25% increases), taking the cash rate to 4.35%.

And that is where we currently stand with no changes announced since November 2023.

This pause has provided welcome relief for homeowners, however the outlook for interest rates is delicately balanced with as many pundits suggesting further increases are required, with those suggesting the next move will be down.

What’s happened to interest rates in 2024?

Good news! The RBA has not announced any changes to the official cash rate in 2024. This has provided a period of stability for homeowners, however lenders are still constantly changing their interest rates for new loans so it’s worth staying in touch with your own loan.

So how much did interest rates go up by in 2023?

The total rate increase for 2023 was 1.25% per annum, with the RBA deciding to increase the cash rate by 0.25% per annum in February, March, May, June and November (no changes announced in January, April, July, August, September, October and December).

Most lenders followed suit, which you can see in the table below.

How much did interest rates increase by in 2022?

The cash rate set by the RBA rose by 3.00% per annum in 2022.

But not-so-fun fact, the interest rate on your home loan isn’t set by the RBA, it’s set by the specific bank or lender you’ve borrowed money from to purchase your property.

This is where things get interesting (‘scuse the pun)… 

Historically speaking, banks and lenders have typically changed their variable home loan interest rates after an RBA announcement, but when and by how much is always a talking point.

Hot tip: It’s generally not always the same as the RBA. 

To add another layer, sometimes lenders don’t personally let you know how much your home loan interest rate has increased by. In fact, many lenders are only obligated to print an ad in a national newspaper to inform customers on their rate changes. Crazy huh! 

So keeping track of changes to your interest rate can be tricky, which is why we have created the list below to help you understand which banks and lenders have moved and by how much.  

We will continue to keep this list up to date as lenders respond to the RBA announcements.

So which banks have increased their interest rates in 2022, 2023 and 2024? Let’s dive in…

Interest rate tracker – November 2024

We did not see a cash rate increase in November 2024.

Interest rate tracker – October 2024

We did not see a cash rate increase in October 2024.

Interest rate tracker – September 2024

We did not see a cash rate increase in September 2024.

Interest rate tracker – August 2024

We did not see a cash rate increase in August 2024.

Interest rate tracker – July 2024

We did not see a cash rate increase in July 2024.

Interest rate tracker – May 2024

We did not see a cash rate increase in May 2024.

Interest rate tracker – March 2024

We did not see a cash rate increase in March 2024.

Interest rate tracker – February 2024

We did not see a cash rate increase in February 2024.

Annual interest rate increases 2024

Annual interest rate increases for existing customers – current as at 22nd Oct, 2024.

A reminder: The RBA didn’t meet in January, April, July and October so we didn’t see a cash rate hike those months.

LenderJanFebMarAprMayJuneJulyAugSepOctNov
Adelaide BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
AMP BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ANZN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Athena Home LoansN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Australian Military BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Auswide BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bank AustraliaN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bank FirstN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bank of MelbourneN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bank of QueenslandN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bank of SydneyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
BankSAN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
BankwestN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Bendigo BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Beyond BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
BluestoneN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
CitiN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Commonwealth BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
FirstmacN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Great Southern BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
HSBCN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
INGN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Macquarie BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ME BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
MyState BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
NABN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Newcastle PermanentN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
RACQ BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
RAMSN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ResimacN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
St. George BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Suncorp BankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
UBankN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Virgin MoneyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
WestpacN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Annual interest rate increases 2023

Annual interest rate increases for existing customers – current as at 31st December, 2023.

A reminder: The RBA didn’t meet in January, so we didn’t see a cash rate hike that month.

LenderJanFebMarAprMayJunJulAugSepOctNovDec
Adelaide BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
AMP BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
ANZN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Athena Home LoansN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Australian Military BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Auswide BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Bank AustraliaN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Bank FirstN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/AUnknownN/A
Bank of MelbourneN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Bank of QueenslandN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Bank of SydneyN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
BankSAN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
BankwestN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Bendigo BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Beyond BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
BluestoneN/A0.25% – 0.29%0.25% – 0.29%N/A0.25% – 0.40%0.25% – 0.30%N/AN/AN/AN/A0.25% – 0.35%N/A
CitiN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Commonwealth BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
FirstmacN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Great Southern BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
HSBCN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/AUnknownN/A
INGN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Macquarie BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
ME BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
MyState BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
NABN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Newcastle PermanentN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
RACQ BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
RAMSN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
ResimacN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/AUnknownN/A
St. George BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Suncorp BankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
UBankN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
Virgin MoneyN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A
WestpacN/A0.25%0.25%N/A0.25%0.25%N/AN/AN/AN/A0.25%N/A

Annual interest rate increases 2022

Annual interest rate increases for existing customers – current as at 31st December, 2022.

LenderMayJunJulAugSepOctNovDec
Adelaide Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
AMP Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
ANZ0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Athena Home Loans0.25%0.50%0.65%0.50%0.50%0.25%0.25%0.25%
Australian Military Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Auswide Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bank Australia0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bank First0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bank of Melbourne0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bank of Queensland0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bank of Sydney0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
BankSA0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bankwest0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bendigo Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Beyond Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Bluestone0.25%0.50%0.50%0.50%0.50%0.30%0.25%0.25%
Citi0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Commonwealth Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Firstmac0.25%0.50%0.50%0.50%0.60%0.25%0.25%0.25%
Great Southern Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
HSBC0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
ING0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Macquarie Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
ME Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
MyState Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
NAB0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Newcastle Permanent0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
RACQ Bank0.25%0.50%0.50%0.50%0.50%0.15%0.25%0.25%
RAMS0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Resimac0.25%0.75%0.50%0.50%0.65%0.25%0.25%0.25%
St. George Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Suncorp Bank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
UBank0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Virgin Money0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%
Westpac0.25%0.50%0.50%0.50%0.50%0.25%0.25%0.25%

Note: This table highlights the lenders’ announced changes to their variable rate home loans. However, your own interest rate will depend on your specific home loan product. 

Want advice on cashback offers, what to do when your fixed rate mortgage comes to an end or keen to review your options or see what this all means for you?

Choose a time to chat with a Finspo home loan expert.