The Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points in May taking it up to 0.35%. 

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

Keep updated.

Subscribe for rate change alerts.

Select a Lender:

By subscribing you agree to our privacy policy

Which lenders are raising variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 3 May 2022. To see how these rate movements compare with previous RBA rate changes, check out our June 2019July 2019, October 20193 March 2020, 19 March 2020 and November 2020 rate cut pages.

Last updated: 18/05/2022. 

Key notes:

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

ANZ interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 03 May
  • Other info: Progress Saver bonus interest rate to rise by 0.25% p.a.
  • Track record
    • June 2019 rate cut: 18 basis points
    • July 2019 rate cut: 25 basis points
    • October 2019 rate cut: 14-25 basis points
    • March 2020 rate cut: 25 basis points
    • March 2020 emergency rate cut: 15 basis points 
    • November 2020 rate cut: 0 basis points

Commonwealth Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 03 May
  • Other info:
  • Track record
    • June 2019 rate cut: 25 basis points
    • July 2019 rate cut: 19-25 basis points
    • October 2019 rate cut: 13-25 basis points
    • March 2020 rate cut: 25 basis points
    • March 2020 emergency rate cut: 0 basis points 
    • November 2020 rate cut: 0 basis points 

NAB interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 4 May
  • Other info: The reward saver bonus interest rate will increase by 0.25% p.a.
  • Track record
    • June 2019 rate cut: 25 basis points
    • July 2019 rate cut: 19 basis points
    • October 2019 rate cut: 15-30 basis points
    • March 2020 rate cut: 25 basis points
    • March 2020 emergency rate cut: 0 basis points  
    • November rate cut: 0 basis points

Westpac interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 03 May
  • Other info: Westpac will also increase interest rates for selected consumer deposit accounts Westpac Life and Westpac 55+ and Retired by 0.25% p.a.
  • Track record
    • June 2019 rate cut: 20-35 basis points
    • July 2019 rate cut: 20-30 basis points
    • October 2019 rate cut: 15 basis points
    • March 2020 rate cut: 25 basis points
    • March 2020 emergency rate cut: 0 basis points 
    • November rate cut: 0 basis points 

AMP interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May 2022 for new customers and 16 May 2022 for existing customers
  • Announcement date: 06 May
  • Other info: AMP Bank will also increase interest rates on selected deposit products by 0.25 per cent effective 10 May 2022

Athena interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 05 May
  • Announcement date: 04 May
  • Other info:

Australian Military Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 05 May
  • Other info:

Auswide Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 05 May
  • Other info: Auswide Bank’s Low Rate Visa Credit Card will also increase by 0.25%p.a. from 1st June
    2022 resulting in an interest rate of 8.30% p.a. on both purchases and cash advances.

Bank Australia interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 25 May
  • Announcement date: 09 May
  • Other info:

Bank of Melbourne interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 03 May
  • Other info:

Bank of Queensland interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 05 May
  • Other info:

Bankfirst interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 1 June 
  • Announcement date: 05 May
  • Other info:

BankSA interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 03 May
  • Other info:

Bankwest interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 18 May
  • Announcement date: 04 May
  • Other info:

BCU interest rate rise

  • May 2022 rate rise: 15-25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 1 June
  • Announcement date: 10 May
  • Other info: Its most popular variable home loan product (for sub 80% LVR) will only have its rate increased by 0.15% p.a. It also will increase its term deposit rates by an average of 0.27% p.a. and savings account interest rates by up to 0.15% p.a.

Bendigo Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 May
  • Announcement date: 06 May
  • Other info: Will also increase the interest rate on many of its deposit products including an increase to the rate on its Reward Saver account by 0.25% p.a.

Beyond Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 11 May
  • Other info: Will also increase a range of term deposit rates by 20-25 basis points

Citi interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 13 May
  • Other info: 

Defence Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 13 May
  • Other info: 

G&C Mutual Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 1 June
  • Announcement date: 13 May
  • Other info:

Great Southern Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 12 May
  • Announcement date: 06 May
  • Other info:

Greater Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 10 May
  • Announcement date: 05 May
  • Other info:

Heritage Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 23 May
  • Announcement date: 16 May
  • Other info:

Homeloans.com.au interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 11 May
  • Other info:

Horizon Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 04 May
  • Announcement date: 04 May
  • Other info:

HSBC interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 23 May
  • Announcement date: 05 May
  • Other info:

Hume Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 25 May
  • Announcement date: 06 May
  • Other info: Effective 18 May 2022, term deposit rates will increase by up to 25 basis points for new and existing customers.

IMB Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 06 May
  • Other info: Also increased some of their 1,2,3,4 and 5-year term deposit rates by up to 0.50%

ING interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 10 May
  • Announcement date: 04 May
  • Other info:

Loans.com.au interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 18 May
  • Announcement date: 18 May
  • Other info:

Macquarie Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 04 May
  • Other info:

ME Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 05 May
  • Other info:

MyState Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 19 May
  • Announcement date: 05 May
  • Other info:

Nano interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 19 May
  • Announcement date: 09 May
  • Other info: 

Newcastle Permanent interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 May
  • Announcement date: 05 May
  • Other info: Rates will also be increased on a number of deposit products, including an increase of 0.60% p.a. on selected term deposit offers.

OneTwo Home Loans interest rate rise

  • May 2022 rate rise: 20 basis points
  • Applies to: Variable rate home loans
  • Effective date: 18 May
  • Announcement date: 10 May
  • Other info: 

P&N Bank interest rate rise

  • May 2022 rate rise: 15-25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 1 June
  • Announcement date: 10 May
  • Other info: Its most popular home loans will only have rates increased by 0.15% p.a. It will also be increasing rates on many of its savings accounts by 0.15% p.a. and has increased term deposit rates by an average of 0.36% p.a.

People's Choice interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 13 May
  • Other info: Interest rates for new term investments will also be lifted by up to 0.50% from 20 May, depending on the term. For example, interest on a seven-month term investment will rise to 0.80%, an increase of 0.50%.

QBank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 11 May
  • Other info: QBANK will also be increasing interest rates on a range of deposit products from 20 May 2022.

Qudos Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 May
  • Announcement date: 11 May
  • Other info: Will be passing on the full 25-basis points to savings and new term deposit accounts (excluding general savings account). In the case of Bonus Saver and DIY Super Saver, the increase is on the bonus rate only.

RACQ Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans*
  • Effective date: 17 May
  • Announcement date: 05 May
  • Other info: *No change to Green Home Loan rate of 0.79%. Interest rates also increasing on savings products by up to 0.20%. 

RAMS interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 04 May
  • Other info: 

Resimac interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 11 May
  • Other info: 

St George Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 03 May
  • Other info:

State Custodians interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 17 May
  • Announcement date: 11 May
  • Other info:

Suncorp Bank interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 18 May
  • Announcement date: 04 May
  • Other info:

Tic:Toc interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 23 May
  • Announcement date: n/a
  • Other info:

Virgin Money interest rate rise

  • May 2022 rate rise: 25 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 May
  • Announcement date: 05 May
  • Other info:




Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy