Big four banks lift home loan rates after RBA hike
CBA, Westpac, NAB and ANZ have all raised variable home loan rates following the RBA's latest 0.25 percentage point increase.
The big four banks have lifted their variable mortgage rates after passing on the Reserve Bank's latest rate hike in full. CBA, Westpac, NAB and ANZ joined 40 other lenders in raising rates, bringing the total to five increases this year.
Westpac now offers the lowest rate among the majors at 6.49 per cent, while ANZ's is the highest at 6.75 per cent. Most banks will delay raising monthly repayments until the new year, but interest starts accruing at the higher rates today.
Canstar estimates a typical borrower with a $600,000 mortgage will face an extra $2,738 in annual repayments in 2027, and someone with a $1 million loan will pay over $4,500 more.
Why it mattersHome borrowers are now seeing five rate rises compressed into a short time, making budgeting harder and stretching household finances significantly.
AustraliaMillions of Australians with variable mortgages will face higher repayments; the extra cost hits hardest in January when many banks raise direct debits.
