We're in double-digit territory after the Reserve Bank of Australia (RBA) lifted interest rates for the 10th time since last April.
As of March 7, the RBA has increased the cash rate target by 0.25 of a percentage point, taking it to 3.6 per cent.
Here's a breakdown of which and how major banks have responded to the decision — and which banks we're still waiting on.
NAB
NAB was the first of the big four banks to respond to the RBA's March 25 basis point increase.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on March 17.
Basic rate: NAB has confirmed to the ABC that its basic rate will increase to 5.49 per cent.
All above changes to savings products will take effect starting March 17.
Westpac
Hot on the heels of NAB's announcement, Westpac will also increase its home loan rates by 0.25 of a percentage point.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on March 21.
Basic rate: Westpac has confirmed to the ABC that its basic rate will increase to 5.24 per cent for two years, then 5.64 per cent after that.
Westpac's Chris de Bruin says the bank understands cost-of-living pressures are challenging.
"We stand ready to support customers requesting hardship assistance at this time."
ANZ Bank
Thursday afternoon, ANZ announced that it too will be increasing its home loan rates.
Mortgage rate: The standard variable interest rate across ANZ’s Australian home loans will increase by 0.25 per cent on March 17.
Basic rate: ANZ says its basic variable rate will increase to 5.34 per cent effective March 17.
ANZ Group Executive Australia Retail, Maile Carnegie said: "We understand this latest rate increase, combined with cost of living pressures, might cause some home loan customers to feel greater financial pressure and uncertainty,"
"If you’re facing difficulty, reach out to us as soon as you can."
Commonwealth Bank
Late on Thursday, The Commonwealth Bank announced it would also lift its home loan variable interest rates.
Mortgage rate: The standard variable home loan interest rate will increase by 0.25 per cent on March 17.
What about other banks?
We'll be updating this story as each decision comes through:
- Bank West:
- Macquarie: Will increase its variable home and car loan rate by 0.25 per cent per annum from March 22, 2023.
- ING:
- Bendigo:
- St George: Will increase its variable home loan rates by 0.25 per cent per annum from March 21, 2023.
- Suncorp: Will increase its variable home loan rates by 0.25 per cent per annum from March 17, 2023.
- Bank of Queensland:
Don't see your bank listed here?
It's probably worth giving them a call or visiting a branch.
