CBA and Westpac lift mortgage rates to 4.6% from October
CBA and Westpac increase home loan rates by 0.25% from October 9, adding to three earlier rises in 2026.
Commonwealth Bank and Westpac have become the latest lenders to pass on the Reserve Bank's quarter-percentage-point rate rise to mortgage holders. CBA and Westpac will increase rates by 0.25% from October 9, following Macquarie's move.
The new rate reaches 4.6%, adding to three earlier rate rises in 2026 and raising monthly payments for millions of borrowers. Despite the increases, household offset account balances remain near record highs at $340 billion, helping cushion the impact.
ANZ data from June shows only 0.86% of Australian mortgages were more than 90 days overdue, suggesting most borrowers are managing payments so far.
- 4.6 percent
- New mortgage rate
- 0.25 percent
- Rate increase per lender
- Four (three earlier plus this one)
- Total rises in 2026
- 0.86 percent
- Mortgages over 90 days overdue
Why it mattersMortgage holders face higher monthly payments; those with offset accounts can reduce the impact, but vulnerable households may struggle if rates keep rising.
AustraliaAustralian home owners will pay more from October 9; renters risk further cost increases if landlords pass higher mortgage costs to them as rent rises.
✓ Claims checked against the source. checked 1 h ago
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