Following the Reserve Bank of Australia's (RBA) decision to bump up the cash rate target for the 11th time in 12 months, all four major banks have responded to the May increase.
As of May 2, the RBA has increased its cash target by 0.25 of a percentage point, bumping it up to 3.85 per cent.
Below is a breakdown of which banks have responded to the RBA's decision, and which ones we're still waiting on.
NAB
NAB was the first major bank to announce it will be changing its interest rates because of the RBA's May 25 basis point increase.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on May 12.
NAB also confirmed to the ABC it will be increasing rates to the following savings products on May 12.
- NAB Reward Saver bonus interest rate will increase by 0.25 per cent, bringing the total bonus interest rate to 4.50 per cent.
- NAB iSaver introductory and standard variable rates will both increase by 0.25 per cent a year to 4.50 per cent and 1.85 per cent respectively.
NAB group executive personal banking Rachel Slade said: "With the cash rate increasing again, there may be some customers who are concerned about their financial position, and we are here to help."
Ms Slade said more than 90 per cent of customers who reach out to the NAB Assist team early are back on their feet financially within 90 days.
ANZ
On Thursday, ANZ announced it will be increasing interest rates for variable home loan and some savings customers following the RBA's decision to increase the official cash rate by 25 basis points.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on May 12.
ANZ told the ABC it will also increase the rate available to savings customers on the ANZ Plus Save account for balances less than $250,000 by 0.25 per cent a year to 4.50 per cent on May 11.
ANZ Group Executive Australia Retail, Maile Carnegie said: "We have a number of tools available to help our customers understand these changes and manage their home loans, but if you are facing difficulty, contact our experienced teams as early as you can to discuss additional personalised support."
Westpac
Following closely behind ANZ's announcement on Thursday, Westpac also told the ABC it would be increasing its interest rates.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on May 16.
Westpac told the ABC its Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 5.00 per cent which is increase of 0.30 per cent on May 12.
"We're increasing our savings rates to help our customers meet their goals," Westpac chief executive of consumer and business banking, Chris de Bruin said.
"We know customers are looking carefully at their budgets as interest rates rise. While many are adjusting to making higher repayments, we understand others may need extra help."
Westpac said it considers a range of factors when reviewing interest rates balancing the needs of both borrowers and savers. This includes the cash rate, returns and market environment.
Commonwealth Bank
On Friday, May 5, CBA announced it would increase its home loan variable interest rates in response to the RBA decision.
Mortgage rate: The bank's home loan variable interest rates will increase by 0.25 per cent from Friday, May 12.
Interest rates for the CBA's Youthsaver and GoalSaver accounts will also rise by 0.25 per cent, as well as the introductory rate of the NetBank Saver account. But the ongoing interest rate of the NetBank Saver will only increase by 0.1 per cent.
CBA group executive of retail banking, Angus Sullivan, encouraged any customers with concerns to message the bank in the CommBank app.
"Our comprehensive program of support for our home loan customers includes proactively getting in touch with customers who will be rolling off fixed-rate loans, as well as a range of other options to ensure customers experiencing hardship are in the best possible position to manage their finances," he said.
What about other banks?
We'll be updating this story as each decision comes through:
- Bank West: Will increase its variable home loan rates by 0.25 per cent per annum from May 12, 2023.
- Macquarie: Will be making changes to its variable home loan rates from May 19 2023. On its website Macquarie said: "The changes to your repayments and when your new interest rate will be visible online will differ depending on your loan’s repayment type, and the T&Cs relevant to your loan."
- ING
- Bendigo: Will increase its variable home loan rates by 0.25 per cent per annum from May 12, 2023.
- St George
- Suncorp
- Bank of Queensland:
Don't see your bank listed above?
It's probably worth giving them a call or visiting a branch.
If you can't see this form, you can click here to complete it.
