A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank of Australia increased the cash rate by 0.25 percentage points on Tuesday.
NAB was the first to move, increasing its standard variable home loan interest rate by 0.25 percentage points from November 11.
Since then Westpac, Suncorp, Commonwealth Bank and Macquarie Bank have joined in announcing rate increases.
The Reserve Bank's announcement took the cash rate to 2.85 per cent, up from a record low of 0.1 per cent at the start of May this year, making it the highest it's been since May 2013.
NAB
As mentioned, NAB was the first to move on the cash rate change just hours after the Reserve Bank's announcement, increasing the standard variable NAB home loan interest rate by 0.25 percentage points.
The change will come into effect from November 11.
Westpac
Deposit and home loan customers with Westpac will see changes come into effect this month, with Westpac's Life total variable rate with bonus interest increasing by 0.90 percentage points to 3.50 per cent, effective November 9.
The eSaver total variable rate will also increase by 0.95 per cent to 3.50 per cent for new customers for the first five months.
Home loan variable interest rates will increase by 0.25 percentage points for new and existing customers from November 15.
Westpac is also offering a new Term Deposit offer of 3.75 per cent for 12 to 23 months from November 4.
Macquarie Bank
From November 16, the ongoing interest rate that customers earn on both their savings and everyday transaction accounts will increase 0.25 percentage points to 3.45 per cent on balances up to $250,000.
Macquarie's savings account welcome rate will increase 0.25 percentage points to 4.25 per cent for new customers for the first four months on balances up to $250,000, effective November 3.
Commonwealth Bank
Home loan variable interest rates are going up by 0.25 percentage points at Commonwealth Bank, but savings rates are also seeing a rise.
The NetBank Saver standard variable interest rate will increase by 0.25 percentage points to 1.35 per cent.
The five-month introductory variable rate will increase by 0.50 percentage points to 3.50 per cent, effective November 11.
Commonwealth's GoalSaver with bonus interest rate will increase by 0.30 percentage points to 2.70 per cent and Youthsaver with bonus interest rate will increase by 0.30 percentage points to 2.90 per cent.
ANZ
ANZ has announced it will increase its variable interest rates across its Australian home loans by 0.25 percentage points, effective November 11.
The bank will also increase the rate available to savings customers on its ANZ Plus Save account for balances less than $250,000, by 0.25 percentage points, to 3.50 per cent, from November 10.
The 0.25-percentage-point change to variable home loan interest rates will increase monthly repayments by $65 on a variable home loan of $450,000 for an owner occupier paying principal and interest.
Suncorp
Home loan variable rates will increase by 0.25 percentage points from November 11.
This increase means that for every $100,000 of loan balance remaining on a customer's 25-year variable loan, they can expect their monthly repayments to increase by around $14.
Savers can now also earn 4 per cent on Suncorp's 12-month Term Deposit.
ING
The variable savings interest rate will increase by 0.25 percentage points from November 8.
This applies to eligible Savings Maximiser customers. The variable rate is currently 3.50 per cent.
All variable home loan rates for new and existing customers will also increase by 0.25 percentage points.
Bankwest
The standard variable rate for home loans will increase by 0.25 percentage points for new and existing customers.
Bankwest's Variable Hero Bonus Rate will also increase by 0.50 percentage points, to 3.25 per cent, for balances up to $250,000.
Its Easy Saver Rate interest rate will increase by 0.25 percentage points, to 2.85 per cent, for balances up to $50,000.
These changes will be effective from November 11.
Bankwest’s 12-month Term Deposit will increase to 4.10 per cent as of November 4.
Bank of Queensland
BOQ will increase its variable home loan interest rates by 0.25 percentage points from November 11.
St George Bank
The St George Incentive Saver total variable rate with bonus interest will increase by 0.85 percentage points, to 4 per cent.
And the St George Maxi Saver total variable rate will increase by 0.85 percentage points, to 4 per cent, for new customers for the first three months.
These changes will be effective from November 9.
The bank's home loan variable interest rate will increase by 0.25 percentage points for new and existing customers as of November 15.
Which banks are yet to move?
Some banks are yet to announce whether they will make any changes.
They include:
- Bendigo Bank
- HSBC
- Heritage Bank
