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%.
On February 18th 2025, the RBA finally announced the first rate cut since 2020. The cash rate is currently 4.10%.
And interest rates are expected to keep coming down (and bring Aussies some much anticipated relief) in 2025 – it’s just a matter of when.
Will rates keep dropping?
The future’s finally looking a little brighter when it comes to interest rates, but as we all know by now, nothing’s ever guaranteed with rates.
We still don’t have a crystal ball, but at the time of writing, the market is expecting two more rate cuts in 2025.
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So, how do interest rate changes work?
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 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 changed 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.
2025 RBA interest rate tracker
The RBA is scheduled to meet 8 times in 2025.
- February 2025-0.25%
- April 2025TBA – 1 Apr
- May 2025TBA – 20 May
- July 2025TBA – 8 Jul
- August 2025TBA – 12 Aug
- September 2025TBA – 30 Sep
- November 2025TBA – 4 Nov
- December 2025TBA – 9 Dec
Which banks have cut their interest rates in 2025?
- The RBA and lenders did not change the interest rates
- Same rate as the RBA
- Higher rate than the RBA
- Lower rate than the RBA
- Lender has not decided a rate yet
| Lender | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RBA | -0.25% | – | – | – | – | – | – | – | – | – | – |
| ANZ | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Commonwealth Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| NAB | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Westpac | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Adelaide Bank | – | – | – | – | – | – | – | – | – | – | – |
| Advantedge | – | – | – | – | – | – | – | – | – | – | – |
| AMP Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Athena Home Loans | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Australian Military Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Auswide Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bank Australia | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bank First | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bank of Melbourne | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bank of Queensland | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bank of Sydney | -0.25% | – | – | – | – | – | – | – | – | – | – |
| BankSA | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bankwest | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bendigo Bank | – | – | – | – | – | – | – | – | – | – | – |
| Beyond Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Bluestone | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Citi | – | – | – | – | – | – | – | – | – | – | – |
| Firstmac | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Gateway Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Granite Home Loans | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Great Southern Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Heritage Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| HSBC | -0.25% | – | – | – | – | – | – | – | – | – | – |
| ING | -0.25% | – | – | – | – | – | – | – | – | – | – |
| La Trobe Financial | – | – | – | – | – | – | – | – | – | – | – |
| Macquarie Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| ME Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| MyState Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Newcastle Permanent | -0.25% | – | – | – | – | – | – | – | – | – | – |
| P&N Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| People’s Choice | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Pepper Money | -0.25% | – | – | – | – | – | – | – | – | – | – |
| RACQ Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| RedZed | – | – | – | – | – | – | – | – | – | – | – |
| Resimac | -0.25% | – | – | – | – | – | – | – | – | – | – |
| St. George Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Suncorp Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Teachers Mutual Bank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| UBank | -0.25% | – | – | – | – | – | – | – | – | – | – |
| Virgin Money | – | – | – | – | – | – | – | – | – | – | – |
Annual interest rate increases for existing customers – current as at 19 February, 2025.
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.
Interest rate tracker – February 2025
The RBA reduced the cash rate by 0.25% on February 18th, lowering the official cash rate from 4.35% to 4.10%.
Here’s when each lender will implement the changes.
- ANZ (-0.25%)Effective 28 Feb
- Commonwealth Bank (-0.25%)Effective 28 Feb
- NAB (-0.25%)Effective 28 Feb
- Westpac (-0.25%)Effective 4 Mar
- AMP (-0.25%)Effective 28 Feb
- Athena (-0.25%)Effective 18 Feb
- Australian Military Bank (-0.25%)Effective 4 Mar
- Auswide (-0.25%)Effective 28 Feb
- Bank Australia (-0.25%)Effective 4 Mar
- Bank First (-0.25%)Effective 27 Feb
- Bank of Melbourne (-0.25%)Effective 4 Mar
- Bank of Queensland (-0.25%)Effective 7 Mar
- Bank of Sydney (-0.25%)Effective 12 Mar
- BankSA (-0.25%)Effective 4 Mar
- Bankwest (-0.25%)Effective 28 Feb
- Beyond Bank (-0.25%)Effective 4 Mar
- Bluestone (-0.25%)Effective 4 Mar
- Firstmac (-0.25%)Effective 4 Mar
- Gateway Bank (-0.25%)Effective 25 Feb
- Granite Home Loans (-0.25%)Effective 28 Feb
- Great Southern Bank (-0.25%)Effective 4 Mar
- Heritage Bank (-0.25%)Effective 4 Mar
- HSBC (-0.25%)Effective 10 Mar
- ING (-0.25%)Effective 4 Mar
- Macquarie Bank (-0.25%)Effective 28 Feb
- ME Bank (-0.25%)Effective 8 Mar
- MyState Bank (-0.25%)Effective 4 Mar
- Newcastle Permanent (-0.25%)Effective 7 Mar
- P&N Bank (-0.25%)Effective 5 Mar
- People’s Choice (-0.25%)Effective 4 Mar
- Pepper Money (-0.25%)Effective 5 Mar
- RACQ Bank (-0.25%)Effective 4 Mar
- Resimac (-0.25%)Effective 5 Mar
- St George (-0.25%)Effective 4 Mar
- Suncorp (-0.25%)Effective 28 Feb
- Teachers Mutual Bank (-0.25%)Effective 28 Feb
- UBank (-0.25%)Effective 27 Feb
_
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What happened to interest rates in 2024?
Good news! The RBA did not announce 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.
Annual interest rate changes 2024
The RBA did not announce any changes to the official cash rate in 2024.
- The RBA and lenders did not change the interest rates
- Same rate as the RBA
- Lower rate than the RBA
- Higher rate than the RBA
- Lender has not decided a rate yet
| Lender | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RBA | – | – | – | – | – | – | – | – | – | – | – | – |
| Adelaide Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| AMP Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| ANZ | – | – | – | – | – | – | – | – | – | – | – | – |
| Athena Home Loans |
– | – | – | – | – | – | – | – | – | – | – | – |
| Australian Military Bank |
– | – | – | – | – | – | – | – | – | – | – | – |
| Auswide Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| Bank Australia | – | – | – | – | – | – | – | – | – | – | – | – |
| Bank First | – | – | – | – | – | – | – | – | – | – | – | – |
| Bank of Melbourne | – | – | – | – | – | – | – | – | – | – | – | – |
| Bank of Queensland | – | – | – | – | – | – | – | – | – | – | – | – |
| Bank of Sydney | – | – | – | – | – | – | – | – | – | – | – | – |
| BankSA | – | – | – | – | – | – | – | – | – | – | – | – |
| Bankwest | – | – | – | – | – | – | – | – | – | – | – | – |
| Bendigo Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| Beyond Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| Bluestone | – | – | – | – | – | – | – | – | – | – | – | – |
| Citi | – | – | – | – | – | – | – | – | – | – | – | – |
| Commonwealth Bank |
– | – | – | – | – | – | – | – | – | – | – | – |
| Firstmac | – | – | – | – | – | – | – | – | – | – | – | – |
| Great Southern Bank |
– | – | – | – | – | – | – | – | – | – | – | – |
| HSBC | – | – | – | – | – | – | – | – | – | – | – | – |
| ING | – | – | – | – | – | – | – | – | – | – | – | – |
| Macquarie Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| ME Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| MyState Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| NAB | – | – | – | – | – | – | – | – | – | – | – | – |
| Newcastle Permanent |
– | – | – | – | – | – | – | – | – | – | – | – |
| RACQ Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| RAMS | – | – | – | – | – | – | – | – | – | – | – | – |
| Resimac | – | – | – | – | – | – | – | – | – | – | – | – |
| St. George Bank |
– | – | – | – | – | – | – | – | – | – | – | – |
| Suncorp Bank | – | – | – | – | – | – | – | – | – | – | – | – |
| UBank | – | – | – | – | – | – | – | – | – | – | – | – |
| Virgin Money | – | – | – | – | – | – | – | – | – | – | – | – |
| Westpac | – | – | – | – | – | – | – | – | – | – | – | – |
Annual interest rate increases for existing customers – current as at 13 February, 2025.
Interest rate tracker – December 2024
We did not see a cash rate increase in December 2024.
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 changes 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.
- The RBA and lenders did not change the interest rates
- Same rate as the RBA
- Lower rate than the RBA
- Higher rate than the RBA
- Lender has not decided a rate yet
| Lender | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RBA | 0.25% | 0.25% | – | 0.25% | 0.25% | – | – | – | – | 0.25% | – |
| Adelaide Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| AMP Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| ANZ | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Athena Home Loans |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Australian Military Bank |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Auswide Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bank Australia | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bank First | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bank of Melbourne | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bank of Queensland | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bank of Sydney | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| BankSA | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bankwest | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bendigo Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Beyond Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Bluestone | 0.25-0.29 | 0.25-0.29 | – | 0.25-0.40 | 0.25-0.30 | – | – | – | – | 0.25-0.35 | – |
| Citi | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Commonwealth Bank |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Firstmac | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Great Southern Bank |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| HSBC | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| ING | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Macquarie Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| ME Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| MyState Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| NAB | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Newcastle Permanent |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| RACQ Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| RAMS | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Resimac | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| St. George Bank |
0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Suncorp Bank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| UBank | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Virgin Money | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
| Westpac | 0.25 | 0.25 | – | 0.25 | 0.25 | – | – | – | – | 0.25 | – |
Annual interest rate increases for existing customers.
Annual interest rate changes 2022
The cash rate set by the RBA rose by 3.00% per annum in 2022.
- The RBA and lenders did not change the interest rates
- Same rate as the RBA
- Lower rate than the RBA
- Higher rate than the RBA
- Lender has not decided a rate yet
| Lender | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|
| RBA | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.25% | 0.25% | 0.25% |
| Adelaide Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| AMP Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| ANZ | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Athena Home Loans |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Australian Military Bank |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Auswide Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bank Australia | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bank First | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bank of Melbourne | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bank of Queensland | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bank of Sydney | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| BankSA | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bankwest | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bendigo Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Beyond Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Bluestone | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Citi | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Commonwealth Bank |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Firstmac | 0.25 | 0.50 | 0.50 | 0.50 | 0.60 | 0.25 | 0.25 | 0.25 |
| Great Southern Bank |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| HSBC | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| ING | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Macquarie Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| ME Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| MyState Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| NAB | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Newcastle Permanent |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| RACQ Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| RAMS | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Resimac | 0.25 | 0.50 | 0.50 | 0.50 | 0.65 | 0.25 | 0.25 | 0.25 |
| St. George Bank |
0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Suncorp Bank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| UBank | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Virgin Money | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Westpac | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
Annual interest rate increases for existing customers.
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Information last updated 19 February, 2025.
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