Home News Home loan rate changes after RBA's 0.25% rise: May 2023

Home loan rate changes after RBA's 0.25% rise: May 2023

Australia's cash rate has risen - how will your home loan be affected? Keep up with the latest home loan rate rise announcements.

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Home loan rate changes after RBA's 0.25% rise: May 2023

The Reserve Bank of Australia (RBA) has lifted the cash rate by 25 basis points, taking it to 3.85%.

Savings.com.au will provide regular updates below of each lenders' announcements regarding passing on this May 2023 rate hike to variable rate home loans.

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 2 May 2023.

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Key notes:

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

Big-four home loan rate changes

ANZ

ANZ interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 4th May

CommBank

CommBank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 5th May

NAB

NAB interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 3rd May

Westpac

Westpac interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 4th May

Other lenders' home loan rate changes

86 400 interest rate rise (pending)

AMP interest rate rise

Athena interest rate rise

Australian Military Bank interest rate rise

Australian Mutual Bank interest rate rise (pending)

Australian Unity interest rate rise

Auswide interest rate rise

Bank Australia interest rate rise

Bank of Melbourne interest rate rise

Bank of Queensland (BOQ) interest rate rise

Bank of Sydney interest rate rise

Bankfirst interest rate rise (pending)

BankSA interest rate rise

BankVic interest rate rise

Bankwest interest rate rise

BCU interest rate rise

Bendigo Bank interest rate rise

Beyond Bank interest rate rise

Citi interest rate rise (pending)

Credit Union SA interest rate rise

Defence Bank interest rate rise

G&C Mutual Bank interest rate rise (pending)

Gateway Bank interest rate rise (pending)

Great Southern Bank interest rate rise

Greater Bank interest rate rise

Heritage Bank interest rate rise (pending)

Homeloans.com.au interest rate rise

Homestar Finance interest rate rise

Horizon Bank interest rate rise

HSBC interest rate rise

Hume Bank interest rate rise

IMB Bank interest rate rise

ING interest rate rise

Loans.com.au interest rate rise

Macquarie Bank interest rate rise

ME Bank interest rate rise

Mortgage House interest rate rise (pending)

MOVE Bank interest rate rise (pending)

MyState Bank interest rate rise

Newcastle Permanent interest rate rise

OneTwo Home Loans interest rate rise (pending)

P&N Bank interest rate rise (pending)

Peoples Choice interest rate rise

Police Credit Union interest rate rise (pending)

QBank interest rate rise (pending)

Qudos Bank interest rate rise

RACQ Bank interest rate rise

Rams Bank interest rate rise

Reduce Home Loans interest rate rise (pending)

Resimac interest rate rise

St George interest rate rise

State Custodians interest rate rise (pending)

Suncorp Bank interest rate rise

Teachers Mutual Bank interest rate rise

The Mutual Bank interest rate rise (pending)

Tic:Toc interest rate rise

UBank interest rate rise

UniBank interest rate rise

Unloan interest rate rise

Virgin Money interest rate rise

Well home loans interest rate rise (pending)

Wlth interest rate rise (pending)

Yard interest rate rise

AMP interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable-rate home loans
Effective date: 5 May for new customers, 8 May for existing
Announcement date: 4th May

Athena interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 4th May

Australian Military Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 5th May

Australian Unity interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 11th May

Auswide interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 5th May

Bank Australia interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 9th May

Bank of Melbourne interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 5th May

Bank of Sydney interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 10th May
Announcement date: 10th May

BankSA interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 5th May

Bank of Queensland (BOQ) interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 8th May

BankVic interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 15th May

Bankwest interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th March
Announcement date: 5th May

BCU interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 17th May
Announcement date: 11th May

Bendigo Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 5th May

Beyond Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 17th May
Announcement date: 17th May

Credit Union SA interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 9th May

Defence Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 15th May
Announcement date: 15th May

Greater Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 9th May

Great Southern Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 9th May

Homestar Finance interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 11th May

Homeloans.com.au interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 12th May

Horizon Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 9th May
Announcement date: 9th May

HSBC interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 22nd May
Announcement date: 22nd May

Hume Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 18th May
Announcement date: 18th May

IMB Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 16th May

ING interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 5th May

Loans.com.au interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 5th May
Announcement date: 5th May

Macquarie Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 19th May
Announcement date: 4th May

ME Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 13th May
Announcement date: 9th May

MyState Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 15th May
Announcement date: 5th May

Newcastle Permanent interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 9th May

People's Choice interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 16th May

Qudos Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 18th May

RACQ interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 15th May

Rams Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 17th May
Announcement date: 9th May

Resimac interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 11th May

St George interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 16th May
Announcement date: 5th May

Suncorp Bank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 12th May
Announcement date: 8th May

Teacher's Mutual Bank interest rate rise

May 2023 rate rise: 25 basis points (45 basis points for existing customers)
Applies to: Variable rate home loans
Effective date: 18th May
Announcement date: 18th May

Tic Toc interest rate rise

May 2023 rate rise: 25-35 basis points
Applies to: Variable rate home loans
Effective date: 19th May
Announcement date: 19th May

UBank interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 11th May
Announcement date: 11th May

Unloan interest rate rise

May 2023 rate rise: 35 basis points
Applies to: Variable rate home loans
Effective date: 2nd June
Announcement date: 1st June

Unibank interest rate rise

May 2023 rate rise: 25 basis points (45 basis points for existing customers)
Applies to: Variable rate home loans
Effective date: 18th May
Announcement date: 18th May

Virgin Money interest rate rise

May 2023 rate rise: 25 basis points
Applies to: Variable rate home loans
Effective date: 9th May
Announcement date: 9th May

Yard interest rate rise

May 2023 rate rise: 30 basis points
Applies to: Variable rate home loans
Effective date: 19th May
Announcement date: 19th May

To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:

First published on May 2023

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