The Reserve Bank of Australia (RBA) has raised the cash rate by 50 basis points in July, taking it up to 1.35%. 

Savings.com.au will provide regular updates below of which lenders are announcing they are passing on this July 2022 rate hike to variable rate home loans.

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Which lenders are raising variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 5 July 2022. To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:

Last updated: 26/07/2022. 

Key notes:

P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
Basis points explained: 1 basis point = 0.01%

    AMP interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022 for new customers, 18 July 2022 for existing customers
    • Announcement date: 8 July 2022
    • Other info: AMP will also increase the deposit bonus interest rate for the AMP Saver Account to 2.00% p.a. effective 1 August 2022 and customers can earn up to 2.10% p.a. AMP Bank will also increase interest rates on AMP Notice products 0.50% p.a. effective 11 July 2022. Cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase 0.50% p.a.

    ANZ interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: ANZ will also increase the bonus interest rate on Progress Saver accounts by 0.50% p.a., and will increase the interest rate on ANZ Plus accounts to 2.00% p.a. The big four bank will also offer a new rate for its 11-month Advance Notice term deposit of 2.50% p.a.

    Athena interest rate rise

    • July 2022 rate rise: 65 basis points
    • Applies to: Variable rate home loans
    • Effective date: 14 July 2022
    • Announcement date: 14 July 2022

    Auswide Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 11 July 2022
    • Other info: Auswide Bank will also increase selected term and on-call deposit interest rates from 12 July.

    Australian Military Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 27 July 2022
    • Announcement date: 8 July 2022
    • Other info: Australian Military Bank will also increase term deposits effective from 13 July. Australian Military Bank Online Saver bonus rate will also increase by 0.50% on 1 August to allow for a maximum rate of 1.70% p.a.

    Australian Unity Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 8 July 2022 for new customers, 22 July 2022 for existing customers 
    • Announcement date: 12 July 2022
    • Other info: Australian Unity Bank has also increased a number of deposit and savings account products from July 8 and July 11. 

    Bank Australia interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 18 July 2022
    • Announcement date: 8 July 2022

    Bank of Melbourne interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 7 July 2022
    • Other info: Bank Melbourne will also increase the rate for savers by 0.55% p.a. to 1.55% p.a. effective 20 July. 

    Bank of Queensland (BOQ) interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 8 July 2022
    • Announcement date: 7 July 2022

    Bankfirst interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: Bankfirst will also increase the rate on its First Saver account by 0.50% p.a. to 1.75% p.a. 

    Bank of us interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 11 July 2022
    • Other info: Bank of us will also increase interest rates for depositors, with the introduction of a 6 and 12-month term deposits of 2.25% p.a. and 3.05% p.a. respectively. 

    Bank of Sydney interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 14 July 2022
    • Announcement date: 12 July 2022
    • Other info: Bank of Sydney will also increase interest rates for depositors, effective 13 July 2022 and select Variable Deposit Products, effective from 18 July 2022.

    BCU interest rate rise

    • July 2022 rate rise: 40 basis points for home loans, 50 basis points for commercial loans
    • Applies to: Variable rate home loans
    • Effective date: 26 July 2022
    • Announcement date: 11 July 2022
    • Other info: BCU will also increase term deposit rates by up to 0.95% p.a. and some savings products will benefit from increases of up to 0.45% per annum. The new rates will take effect from 15 July for term deposits and 26 July for savings accounts. 

    BankSA interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 7 July 2022
    • Other info: BankSA will also increase the rate for savers by 0.55% p.a. to 1.55% p.a. effective 20 July. 

    BankVic interest rate rise

    • July 2022 rate rise: 45 basis points
    • Applies to: Variable rate home loans
    • Effective date: 19 July 2022
    • Announcement date: 11 July 2022

    Bankwest interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: Bankwest will also increase the rates for select savings products including the Easy Saver product by 0.50% to 1.35% p.a. for balances up to $50k.

    Bendigo Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 8 July 2022
    • Other info: Bendigo Bank will also increase the interest rate on a number of its deposit products including an increase to the rate on its Reward Saver account by 0.60% p.a. as of 27 July.

    Beyond Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 19 July 2022
    • Announcement date: 14 July 2022
    • Other info: Beyond Bank will also increase the rates across a number of savings account and term deposit products effective 19 July. 

        Citi interest rate rise

        • July 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 15 July 2022
        • Announcement date: 15 July 2022

        Commonwealth Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 15 July 2022
        • Announcement date: 6 July 2022
        • Other info: CommBank will also increase rates for savers with GoalSaver and YouthSaver accounts to increase 50 basis points and Australia's largest bank will introduce a new 15-month Term Deposit Special offer of 2.50% p.a.

        Defence Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 19 July 2022
        • Announcement date: 6 July 2022
        • Other info: Defence Bank will also increase selected savings and term deposit products by 0.50% p.a effective 13 July. It also includes an 11-month term deposit offer of 2.80% p.a. 

        G&C Mutual Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 9 August 2022
        • Announcement date: 12 July 2022
        • Other info: G&C Mutual Bank will also increase term deposit rates by 0.25% p.a. and various savings accounts by 0.60% p.a. 

        Gateway Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 11 July 2022
        • Announcement date: 11 July 2022

        Great Southern Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 14 July 2022
        • Announcement date: 11 July 2022

        Greater Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 13 July 2022
        • Announcement date: 11 July 2022
        • Other info: Greater Bank will also increase term deposits by up to 1.00% p.a. 

        Heritage Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 20 July 2022
        • Announcement date: 13 July 2022

        Homeloans.com.au interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 21 July 2022
        • Announcement date: 21 July 2022

        Homestar Finance interest rate rise

        • July 2022 rate rise: 64 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 12 July 2022
        • Announcement date: 12 July 2022

        Horizon Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 7 July 2022
        • Announcement date: 7 July 2022

        Hume Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 27 July 2022
        • Announcement date: 25 July 2022

        HSBC interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 25 July 2022
        • Announcement date: 11 July 2022

        IMB interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 15 July 2022
        • Announcement date: 11 July 2022
        • Other info: IMB will also increase rates for savers with its Reward Saver account increasing by 0.50% p.a. and 12-month Term Deposit rate increasing to 2.50% p.a.

        ING interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 12 July 2022
        • Announcement date: 7 July 2022
        • Other info: ING will also increase rates for savers with Savings Maximiser accounts to increase 50 basis points to 2.60% p.a. 

        Loans.com.au interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 8 July 2022
        • Announcement date: 7 July 2022

        Macquarie Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 14 July 2022
        • Announcement date: 6 July 2022
        • Other info: Macquarie Bank will also increase a number of products outside of home loans including transaction accounts, savings accounts and term deposits. 

        ME Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 9 July 2022
        • Announcement date: 7 July 2022
        • Other info: ME Bank will also increase its savings accounts by 0.50% p.a. and offer a 3.00% p.a. rate on12-month term deposits.

        Mortgage House interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 25 July 2022
        • Announcement date: 25 July 2022

        MyState Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 18 July 2022
        • Announcement date: 6 July 2022
        • Other info: MyState Bank will also increase savings accounts by 0.50% p.a. to 2.10% p.a.

          Nano interest rate rise

          • July 2022 rate rise: 50 basis points 
          • Applies to: Variable rate home loans 
          • Effective date: 18 July 2022
          • Announcement date: 14 July 2022

          NAB interest rate rise

          • July 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 15 July 2022
          • Announcement date: 6 July 2022
          • Other info: NAB will also increase its Reward Saver account by 0.50% p.a. as well as its 12-month term deposit to 2.50% p.a.

            Newcastle Permanent interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 7 July 2022
            • Other info: Newcastle Permanent will also increase rates on a number of deposit products, including an increase of 0.90% p.a. on selected term deposit offers.

            People's Choice interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 19 July 2022
            • Announcement date: 12 July 2022
            • Other info: People’s Choice will also increase interest rates on term deposits, with increases of up to 0.50% p.a., from 15 July.

            P&N Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 26 July 2022
            • Announcement date: 11 July 2022
            • Other info: P&N Bank will also increase rates on a number of products including credit cards, personal loans and savings accounts.

            Police Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 14 July 2022 for new borrowers, 1 August 2022 for existing borrowers. 
            • Announcement date: 14 July 2022
            • Other info: Police Bank will also increase interest rates for some Personal Loan products by 0.50% effective 14 July.

            Qudos Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 12 July 2022
            • Other info: Qudos Bank will also increase a number of savings accounts between 0.35% p.a. and 0.50% p.a. from 21 July. 

            RAMS interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July 2022
            • Announcement date: 7 July 2022

            RACQ Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 8 July 2022

            Resimac interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 21 July 2022

            St George interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July 2022
            • Announcement date: 7 July 2022
            • Other info: St George will also increase its savings account rate to 1.55% p.a. and introduce a new Term Deposit of 2.50% p.a. for terms between 12 to 23 months from 8 July.

            State Custodians interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 21 July 2022

            Suncorp interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 6 July 2022
            • Other info: Suncorp will also increase its Growth Saver account by 0.70% p.a. as well as its 18-month term deposit to 3.00% p.a.

            Teachers Mutual Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 22 July 2022
            • Announcement date: 21 July 2022

            The Mutual Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 15 July 2022
            • Other info: The Mutual Bank will also increase a number of deposit rates across term deposit products. 

            Tic:Toc interest rate rise

            • July 2022 rate rise: 40 basis points for investors, 50 basis points for owner occupiers
            • Applies to: Variable rate home loans
            • Effective date: 25 July 2022
            • Announcement date: 25 July 2022

            ubank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 19 July 2022
            • Announcement date: 19 July 2022

            UniBank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 22 July 2022
            • Announcement date: 21 July 2022

            Virgin Money interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 9 July 2022
            • Announcement date: 7 July 2022
            • Other info: Virgin Money will also increase its Boost Saver by 0.80% to 2.30% p.a. and Grow Saver by 0.50% to 1.50% p.a. from 15 July. 

            Westpac interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July
            • Announcement date: 6 July 2022
            • Other info: Increasing the variable base rate for its Westpac Life savings account by 50 basis points from 20 July, and bumping its 12-23 term deposit rate to 2.50% p.a. on 8 July.

            Yard interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 25 July
            • Announcement date: 21 July 2022


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