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CBA, ANZ, NAB and Westpac hike rates: How much it will cost

·Personal Finance Editor
·4-min read
Logos of NAB, Westpac, CBA and ANZ and Australian money.
CBA, ANZ, NAB and Westpac have all passed on the RBA's rate hike in full. (Source: Getty)

All four major banks - CBA, ANZ, NAB and Westpac - have hiked variable mortgage rates by 0.50 per cent following the Reserve Bank of Australia’s (RBA) interest rate hike on Tuesday.

This was the third consecutive month the RBA lifted the cash rate, bringing it to 1.35 per cent.

The RBA is struggling to get inflation under control, with the War in Ukraine, COVID-19 lockdowns and floods in New South Wales all putting pressure on supply chains.

RateCity.com.au research director Sally Tindall said the rate hikes would add pressure to Aussies already struggling with repayments.

“The big banks have once again played follow the leader, hiking one after the other by the full 0.50 percentage points,” Tindall said.

“This means variable borrowers across the country will be subjected to sizable hikes in their monthly repayments.

“These hikes could push more borrowers into mortgage stress, making it tricky for many families to balance the budget each month.”

Tindall said those already spending a sizable chunk of their incomes on their mortgage should consider ways to give themselves a bigger buffer.

“Making small adjustments to the way you live week-to-week, such as buying take-away coffees as a treat rather than the norm, might seem insignificant, but they all add up,” she said.

“Now is a great time to review your bills, including your mortgage, to make sure you’re on the best deals possible,” she said.

Here is a breakdown of the Big Four hikes and what it means for customers.

Commonwealth Bank

  • Passed on full 0.50 per cent hike

  • Will come into effect July 15

Australia’s largest bank, CBA, was the first of the Big Four to announce it would pass the double cash rate hike onto its variable home loan customers.

From July 15, CBA mortgage rates for new and existing customers will go up by 0.50 percentage points. After these hikes, CBA will have no advertised rates under 3 per cent.

Existing customers with a $500,000 debt and 25 years remaining on the loan could see repayments increase by up to $149 a month.

Rate type

Old rate

New rate

Increase in repayments, $500K

Standard variable

5.30%

5.80%

$149

Discounted variable

4.60%

5.10%

$144

Lowest variable

2.79%

3.29%

$130

 

ANZ

  • Passed on full 0.50 per cent hike

  • Will come into effect July 15

ANZ has followed CBA and hiked variable rate mortgages by the full 0.50 percentage points.

The revised rates will be effective for both new and existing customers on July 15.

Existing customers with a $500,000 debt and 25 years remaining on the loan could see repayments increase by up to $148 a month.

Rate type

Old rate

New rate

Increase in repayments, $500K


Index Rate

5.14%

5.64%

$148


Discounted variable

3.74%

4.24%

$138


Lowest variable

2.79%

3.29%

$130


NAB

  • Passed on full 0.50 per cent hike

  • Will come into effect July 15

NAB was the third big bank to announce it was passing on the full RBA hike to variable rate mortgage customers.

From July 15, NAB variable home loan rates for new and existing customers will go up by 0.50 percentage points.

Existing customers with a $500,000 debt and 25 years remaining on the loan could see repayments increase by up to $149 a month.

Rate type

Old rate

New rate

Increase in repayments, $500K


Standard variable

5.27%

5.77%

$149


Discounted variable

4.42%

4.92%

$143


Lowest variable

2.94%

3.44%

$131


Westpac

  • Passed on full 0.50 per cent hike

  • Will come into effect July 20

Westpac was the last Big Four bank to announce it was passing on the full RBA hike to variable rate mortgage customers.

From July 20, Westpac variable home loan rates for new and existing customers will go up by 0.50 percentage points.

Existing customers with a $500,000 debt and 25 years remaining on the loan could see repayments increase by up to $149 a month.

Rate type

Old rate

New rate

Increase in repayments, $500K


Standard variable

5.23%

5.73% (5.83% for LVRs over 80%)

$149


Discounted variable

3.94%

4.44%

$139


Lowest variable

2.64% for 2yrs then 3.04%

3.14% for 2yrs then 3.54%

$129


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