Last updated: 2:45 p.m. July 8
The Reserve Bank announced another official increase in the cash rate, this time by 0.50 basis points to 1.35%.
This is the third increase of the year, and many economists believe we will continue to see further rate hikes through 2022. In fact, Westpac economists predict rates will rise to as high as 1, 75% by the end of the year.
Over the past two months, we have seen lenders raise their interest rates for variable rate home loans, fixed rate home loans and savings accounts. In anticipation of today’s announcement, the Big Four have already raised their fixed rates, some by more than 100 basis points.
According to our database, all fixed rates below ‘2’ are now gone and it is likely that those still starting with ‘3’ will also decrease in the coming months.
Which lenders have changed home loan interest rates?
As before, the response times of banks and lenders to the announcement of the new cash rate will vary. To help you keep track of material changes, we will regularly update this page with the extent of rate increases and their effective date.
Below is an overview of the average home loan rates per homeowner in our database as of July 5, 2022, to use as a benchmark. Keep in mind that these are likely to jump more in the coming week:
|Type of loan||Medium|
|Variable||3.65% per year|
|1 year fixed||4.22% per year|
|2 year fixed||4.87% per year|
|fixed 3 years||5.26% per year|
|4 years fixed||5.69% per year|
|5 years fixed||5.75% per year|
- From July 9, Virgin Money will increase its variable interest rates on home loans by 0.50% per year
- From July 15, he will also increase his Boost Saver account to 2.30% per year and his Grow Saver account to 1.50% per year
- Effective July 8loans.com.au will increase its home and car loans by 0.50% per annum
Thinking of taking out a home loan? See our home loan comparison page for more information. Or check out our mortgage rate change calculator to see how the new hike could affect your repayments.
ATTENTION: This comparison rate only applies to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal charges or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate shown is for a secured loan with monthly principal and interest repayments of $150,000 over 25 years.
Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on the amount of your loan, the term of the loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.
^ See Mozo Experts Choice Home Loan Awards information
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