The Reserve Bank of Australia (RBA) has raised the cash rate by 50 basis points in July, taking it up to 1.35%. 

Savings.com.au will provide regular updates below of which lenders are announcing they are passing on this July 2022 rate hike to variable rate home loans.

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Which lenders are raising variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 5 July 2022. To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:

Last updated: 26/07/2022. 

Key notes:

P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
Basis points explained: 1 basis point = 0.01%

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    Current low rate home loans

    For quick reference: As things stand, these are some of the lowest-rate home loans Savings.com.au has found on the market:

    Update resultsUpdate
    Filters
    LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
    6.04% p.a.
    6.06% p.a.
    $2,408
    Principal & Interest
    Variable
    $0
    $530
    90%
    		 Featured 4.6 Star Customer Ratings
    • No monthly or ongoing fees
    • Unlimited free redraw
    • No application fee
    5.99% p.a.
    5.90% p.a.
    $2,396
    Principal & Interest
    Variable
    $0
    $0
    80%
    		 Featured Apply In Minutes
    • No application or ongoing fees. Annual rate discount
    • Unlimited redraws & additional repayments. LVR <80%
    • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
    5.94% p.a.
    5.95% p.a.
    $2,383
    Principal & Interest
    Variable
    $0
    $0
    90%
    		No hidden feesFree redraw facility
    6.14% p.a.
    6.16% p.a.
    $2,434
    Principal & Interest
    Variable
    $0
    $350
    60%
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    • No monthly or ongoing fees
    • Unlimited free redraw
    • No application fee

    More details
    Important Information and Comparison Rate Warning

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

    Important Information and Comparison Rate Warning

    AMP interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022 for new customers, 18 July 2022 for existing customers
    • Announcement date: 8 July 2022
    • Other info: AMP will also increase the deposit bonus interest rate for the AMP Saver Account to 2.00% p.a. effective 1 August 2022 and customers can earn up to 2.10% p.a. AMP Bank will also increase interest rates on AMP Notice products 0.50% p.a. effective 11 July 2022. Cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase 0.50% p.a.

    ANZ interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: ANZ will also increase the bonus interest rate on Progress Saver accounts by 0.50% p.a., and will increase the interest rate on ANZ Plus accounts to 2.00% p.a. The big four bank will also offer a new rate for its 11-month Advance Notice term deposit of 2.50% p.a.

    Athena interest rate rise

    • July 2022 rate rise: 65 basis points
    • Applies to: Variable rate home loans
    • Effective date: 14 July 2022
    • Announcement date: 14 July 2022

    Auswide Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 11 July 2022
    • Other info: Auswide Bank will also increase selected term and on-call deposit interest rates from 12 July.

    Australian Military Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 27 July 2022
    • Announcement date: 8 July 2022
    • Other info: Australian Military Bank will also increase term deposits effective from 13 July. Australian Military Bank Online Saver bonus rate will also increase by 0.50% on 1 August to allow for a maximum rate of 1.70% p.a.

    Australian Unity Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 8 July 2022 for new customers, 22 July 2022 for existing customers 
    • Announcement date: 12 July 2022
    • Other info: Australian Unity Bank has also increased a number of deposit and savings account products from July 8 and July 11. 

    Bank Australia interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 18 July 2022
    • Announcement date: 8 July 2022

    Bank of Melbourne interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 7 July 2022
    • Other info: Bank Melbourne will also increase the rate for savers by 0.55% p.a. to 1.55% p.a. effective 20 July. 

    Bank of Queensland (BOQ) interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 8 July 2022
    • Announcement date: 7 July 2022

    Bankfirst interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: Bankfirst will also increase the rate on its First Saver account by 0.50% p.a. to 1.75% p.a. 

    Bank of us interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 11 July 2022
    • Other info: Bank of us will also increase interest rates for depositors, with the introduction of a 6 and 12-month term deposits of 2.25% p.a. and 3.05% p.a. respectively. 

    Bank of Sydney interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 14 July 2022
    • Announcement date: 12 July 2022
    • Other info: Bank of Sydney will also increase interest rates for depositors, effective 13 July 2022 and select Variable Deposit Products, effective from 18 July 2022.

    BCU interest rate rise

    • July 2022 rate rise: 40 basis points for home loans, 50 basis points for commercial loans
    • Applies to: Variable rate home loans
    • Effective date: 26 July 2022
    • Announcement date: 11 July 2022
    • Other info: BCU will also increase term deposit rates by up to 0.95% p.a. and some savings products will benefit from increases of up to 0.45% per annum. The new rates will take effect from 15 July for term deposits and 26 July for savings accounts. 

    BankSA interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 20 July 2022
    • Announcement date: 7 July 2022
    • Other info: BankSA will also increase the rate for savers by 0.55% p.a. to 1.55% p.a. effective 20 July. 

    BankVic interest rate rise

    • July 2022 rate rise: 45 basis points
    • Applies to: Variable rate home loans
    • Effective date: 19 July 2022
    • Announcement date: 11 July 2022

    Bankwest interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 6 July 2022
    • Other info: Bankwest will also increase the rates for select savings products including the Easy Saver product by 0.50% to 1.35% p.a. for balances up to $50k.

    Bendigo Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 15 July 2022
    • Announcement date: 8 July 2022
    • Other info: Bendigo Bank will also increase the interest rate on a number of its deposit products including an increase to the rate on its Reward Saver account by 0.60% p.a. as of 27 July.

    Beyond Bank interest rate rise

    • July 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 19 July 2022
    • Announcement date: 14 July 2022
    • Other info: Beyond Bank will also increase the rates across a number of savings account and term deposit products effective 19 July. 

        Citi interest rate rise

        • July 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 15 July 2022
        • Announcement date: 15 July 2022

        Commonwealth Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 15 July 2022
        • Announcement date: 6 July 2022
        • Other info: CommBank will also increase rates for savers with GoalSaver and YouthSaver accounts to increase 50 basis points and Australia's largest bank will introduce a new 15-month Term Deposit Special offer of 2.50% p.a.

        Defence Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 19 July 2022
        • Announcement date: 6 July 2022
        • Other info: Defence Bank will also increase selected savings and term deposit products by 0.50% p.a effective 13 July. It also includes an 11-month term deposit offer of 2.80% p.a. 

        G&C Mutual Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 9 August 2022
        • Announcement date: 12 July 2022
        • Other info: G&C Mutual Bank will also increase term deposit rates by 0.25% p.a. and various savings accounts by 0.60% p.a. 

        Gateway Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 11 July 2022
        • Announcement date: 11 July 2022

        Great Southern Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 14 July 2022
        • Announcement date: 11 July 2022

        Greater Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 13 July 2022
        • Announcement date: 11 July 2022
        • Other info: Greater Bank will also increase term deposits by up to 1.00% p.a. 

        Heritage Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 20 July 2022
        • Announcement date: 13 July 2022

        Homeloans.com.au interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 21 July 2022
        • Announcement date: 21 July 2022

        Homestar Finance interest rate rise

        • July 2022 rate rise: 64 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 12 July 2022
        • Announcement date: 12 July 2022

        Horizon Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 7 July 2022
        • Announcement date: 7 July 2022

        Hume Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 27 July 2022
        • Announcement date: 25 July 2022

        HSBC interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 25 July 2022
        • Announcement date: 11 July 2022

        IMB interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 15 July 2022
        • Announcement date: 11 July 2022
        • Other info: IMB will also increase rates for savers with its Reward Saver account increasing by 0.50% p.a. and 12-month Term Deposit rate increasing to 2.50% p.a.

        ING interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 12 July 2022
        • Announcement date: 7 July 2022
        • Other info: ING will also increase rates for savers with Savings Maximiser accounts to increase 50 basis points to 2.60% p.a. 

        Loans.com.au interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 8 July 2022
        • Announcement date: 7 July 2022

        Macquarie Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 14 July 2022
        • Announcement date: 6 July 2022
        • Other info: Macquarie Bank will also increase a number of products outside of home loans including transaction accounts, savings accounts and term deposits. 

        ME Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 9 July 2022
        • Announcement date: 7 July 2022
        • Other info: ME Bank will also increase its savings accounts by 0.50% p.a. and offer a 3.00% p.a. rate on12-month term deposits.

        Mortgage House interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 25 July 2022
        • Announcement date: 25 July 2022

        MyState Bank interest rate rise

        • July 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 18 July 2022
        • Announcement date: 6 July 2022
        • Other info: MyState Bank will also increase savings accounts by 0.50% p.a. to 2.10% p.a.

          Nano interest rate rise

          • July 2022 rate rise: 50 basis points 
          • Applies to: Variable rate home loans 
          • Effective date: 18 July 2022
          • Announcement date: 14 July 2022

          NAB interest rate rise

          • July 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 15 July 2022
          • Announcement date: 6 July 2022
          • Other info: NAB will also increase its Reward Saver account by 0.50% p.a. as well as its 12-month term deposit to 2.50% p.a.

            Newcastle Permanent interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 7 July 2022
            • Other info: Newcastle Permanent will also increase rates on a number of deposit products, including an increase of 0.90% p.a. on selected term deposit offers.

            People's Choice interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 19 July 2022
            • Announcement date: 12 July 2022
            • Other info: People’s Choice will also increase interest rates on term deposits, with increases of up to 0.50% p.a., from 15 July.

            P&N Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 26 July 2022
            • Announcement date: 11 July 2022
            • Other info: P&N Bank will also increase rates on a number of products including credit cards, personal loans and savings accounts.

            Police Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 14 July 2022 for new borrowers, 1 August 2022 for existing borrowers. 
            • Announcement date: 14 July 2022
            • Other info: Police Bank will also increase interest rates for some Personal Loan products by 0.50% effective 14 July.

            Qudos Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 12 July 2022
            • Other info: Qudos Bank will also increase a number of savings accounts between 0.35% p.a. and 0.50% p.a. from 21 July. 

            RAMS interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July 2022
            • Announcement date: 7 July 2022

            RACQ Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 8 July 2022

            Resimac interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 21 July 2022

            St George interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July 2022
            • Announcement date: 7 July 2022
            • Other info: St George will also increase its savings account rate to 1.55% p.a. and introduce a new Term Deposit of 2.50% p.a. for terms between 12 to 23 months from 8 July.

            State Custodians interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 21 July 2022
            • Announcement date: 21 July 2022

            Suncorp interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 6 July 2022
            • Other info: Suncorp will also increase its Growth Saver account by 0.70% p.a. as well as its 18-month term deposit to 3.00% p.a.

            Teachers Mutual Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 22 July 2022
            • Announcement date: 21 July 2022

            The Mutual Bank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 July 2022
            • Announcement date: 15 July 2022
            • Other info: The Mutual Bank will also increase a number of deposit rates across term deposit products. 

            Tic:Toc interest rate rise

            • July 2022 rate rise: 40 basis points for investors, 50 basis points for owner occupiers
            • Applies to: Variable rate home loans
            • Effective date: 25 July 2022
            • Announcement date: 25 July 2022

            ubank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 19 July 2022
            • Announcement date: 19 July 2022

            UniBank interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 22 July 2022
            • Announcement date: 21 July 2022

            Virgin Money interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 9 July 2022
            • Announcement date: 7 July 2022
            • Other info: Virgin Money will also increase its Boost Saver by 0.80% to 2.30% p.a. and Grow Saver by 0.50% to 1.50% p.a. from 15 July. 

            Westpac interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 July
            • Announcement date: 6 July 2022
            • Other info: Increasing the variable base rate for its Westpac Life savings account by 50 basis points from 20 July, and bumping its 12-23 term deposit rate to 2.50% p.a. on 8 July.

            Yard interest rate rise

            • July 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 25 July
            • Announcement date: 21 July 2022


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