Is your lender increasing its interest rate (again)?
The RBA has increased the cash rate to 3.10%. Here are the lenders that are raising rates.
| Lender | New rate | Change | Effective date |
|---|---|---|---|
| CBA | 5.04% | +0.25% | 16 December |
| NAB | 4.99% | +0.25% | 16 December |
| Westpac | 4.84% | +0.25% | 20 December |
| ANZ | 5.04% | +0.25% | 16 December |
| Macquarie | 4.94% | +0.25% | 16 December |
| Suncorp | 4.89% | +0.25% | 16 December |
| Bankwest | 4.89% | +0.25% | 16 December |
| Bank of Queensland | 4.79% | +0.25% | 09 December |
| Virgin Money | 4.74% | +0.25% | 09 December |
*For each lender, we've chosen the lowest variable owner-occupier rate for a borrower with a 20% deposit.
What should I do if my interest rate goes up?
Rising interest rates are causing stress for a lot of Australian households. Here are some steps to take if you're concerned about rising repayments.
- Check your current interest rate. You need to start by looking at your current rate and how much the repayments will cost you each month.
- Keep an eye on communication from your lender. When your rate rises your lender should let you know.
- Recalculate your loan repayment costs. Calculate how much your repayments will cost you with a mortgage repayment calculator.
- Call your bank and ask for an instant rate discount. Call your bank today and ask it for a rate discount. You might be able to switch to an interest-only home loan for 12–24 months or get a 6-month mortgage holiday. If it doesn't offer a lower rate, consider switching to a better deal.
- Consider switching to a better deal. Once you have a clear idea of your interest rate and costs, look for a better deal on the market and consider switching.
To stay on top of the RBA's monthly cash rate decision, have a look at our RBA cash rate guide.
Want to switch to a better home loan? Check out our home loan refinance guide.