After announcing a cash rate increase of 0.25 basis points in March, the RBA further announced a rate increase in June 2022. To date, the cash rate target currently sits at 0.85% as a measure intended to curb soaring inflation rates.
Are you wondering how this will impact your mortgage repayments, looking to review your existing loan to reduce its rate, consolidate your existing debts or keen to find ways to better manage your debt and living expenses? Our team at Rise High is always here to help! Contact us today or explore our Rise High TV channel to get all your Money, Finance, and Property questions answered!
Last updated on July 15th, 2022
RBA rate increase June 2022: Banks’ response
Adelaide Bank interest rate rise
(pending)
AMP interest rate rise
- Rate increase: 50 basis points
Effective from date: 15 July for (new customers), 18 July for (existing customers)
Applies to: Variable rate home loans
ANZ interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Auswide Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 20
Applies to: Variable rate home loans
Bank Australia interest rate rise
- Rate increase: 50 basis points
Effective from date: July 18
Applies to: Variable rate home loans
Bank of China interest rate rise
(pending)
Bank of Melbourne interest rate rise
- Rate increase: 50 basis points
Effective from date: July 20
Applies to: Variable rate home loans
Bank of Queensland (BOQ) interest rate rise
- Rate increase: 50 basis points
Effective from date: July 8
Applies to: Variable rate home loans
Bank of Sydney interest rate rise
- Rate increase: 50 basis points
Effective from date: July 14
Applies to: Variable rate home loans
BankSA interest rate rise
- Rate increase: 50 basis points
Effective from date: July 20
Applies to: Variable rate home loans
Bankwest interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Bendigo Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Beyond Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: June 23
Applies to: Variable rate home loans
Citi interest rate rise
- Rate increase: 50 basis points
Effective from date: June 17
Applies to: Variable rate home loans
Commonwealth Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Credit Union SA interest rate rise
(pending)
Firefighter Mutual Bank interest rate rise
(pending)
Great Southern Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 14
Applies to: Variable rate home loans
Health Professionals Bank interest rate rise
(pending)
Heritage Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: June 20
Applies to: Variable rate home loans
Horizon Bank interest rate rise
- Rate increase: 40 basis points
Effective from date: July 7
Applies to: Variable rate home loans
HSBC interest rate rise
- Rate increase: 50 basis points
Effective from date: July 25
Applies to: Variable rate home loans
Hume Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: June 24
Applies to: Variable rate home loans
Hunter United interest rate rise
(pending)
IMB Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 11
Applies to: Variable rate home loans
ING interest rate rise
- Rate increase: 50 basis points
Effective from date: July 12
Applies to: Variable rate home loans
Judo Bank interest rate rise
(pending)
Macquarie Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: 14 July
Applies to: Variable rate home loans
ME Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 9
Applies to: Variable rate home loans
MyState Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 18
Applies to: Variable rate home loans
NAB interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Newcastle Permanent interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
P&N Bank interest rate rise
- Rate increase: 50 basis points
Effective from date: July 26
Applies to: Variable rate home loans
QBank interest rate rise
- Rate increase: 50 basis points
Effective from date: 28 June
Applies to: Variable rate home loans
St George interest rate rise
- Rate increase: 50 basis points
Effective from date: July 20
Applies to: Variable rate home loans
Suncorp interest rate rise
- Rate increase: 50 basis points
Effective from date: July 15
Applies to: Variable rate home loans
Teachers Mutual Bank interest rate rise
(pending)
UniBank interest rate rise
(pending)
Westpac interest rate rise
- Rate increase: 50 basis points
Effective from date: July 20
Applies to: Variable rate home loans
RBA rate increase June 2022: Non-bank lenders
AFG interest rate rise
- Rate increase: 50 basis points
Effective from date: July 29
Applies to: Variable rate home loans
AMMF interest rate rise
(pending)
Angle Finance interest rate rise
(pending)
ASCF (Australian Secure Capital Fund) interest rate rise
(pending)
Banjo Loans interest rate rise
(pending)
Better Mortgage Management interest rate rise
(pending)
Bluestone Mortgages interest rate rise
(pending)
Earlypay interest rate rise
(pending)
Firstmac interest rate rise
- Rate increase: 25 basis points
Effective from date: May 18
Applies to: Variable rate home loans
Flexi commercial interest rate rise
(pending)
funding.com.au interest rate rise
(pending)
Granite Home loans interest rate rise
(pending)
Greenlight Auto Finance interest rate rise
(pending)
Heartland Reverse Mortgages interest rate rise
(pending)
HomeStart Finance interest rate rise
- Rate increase: 46 basis points (owners occupiers), 50 points (investors)
Effective from date: June 17
Applies to: Variable rate home loans
Keystart Finance interest rate rise
(pending)
Latitude Financial interest rate rise
(pending)
La Trobe Financial interest rate rise
(pending)
Liberty Financial interest rate rise
(pending)
Metro Finance interest rate rise
(pending)
MKM interest rate rise
(pending)
Moneyplace interest rate rise
(pending)
Moula interest rate rise
(pending)
NOW Finance interest rate rise
(pending)
Oak Capital interest rate rise
(pending)
Ondeck interest rate rise
(pending)
Pepper Money interest rate rise
(pending)
Plenti interest rate rise
(pending)
Prime Capital interest rate rise
(pending)
Prospa interest rate rise
(pending)
Resimac interest rate rise
- Rate increase: 75 basis points
Effective from date: June 21
Applies to: Variable rate home loans
RedZed interest rate rise
(pending)
ScotPac Business Finance interest rate rise
(pending)
Shift interest rate rise
(pending)
SocietyOne interest rate rise
(pending)
TrailBlazer finance interest rate rise
(pending)
Virgin Money interest rate rise
- Rate increase: 50 basis points
Effective from date: July 9
Applies to: Variable rate home loans
Wisr interest rate rise
(pending)
86 400 interest rate rise
(pending)
