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After the Reserve Bank of Australia (RBA) lifted the official cash rate to its highest level in 18 years, lenders have begun announcing when the increase will flow through to mortgage rates.
Most lenders are passing on the 25 basis point increase on 13 November, ten days after the RBA announced the rate hike. Currently, the latest lender to move is 19 November and the earliest is 5 November.
Majors move earlier
All four major banks have announced that they will pass on the latest rate hike on 13 November.
As National Australia Bank (NAB) passed on the hike, group executive personal banking Ana Marinkovic acknowledged that the increase “will be tough for some home owners”.
“For customers with a mortgage, these increases add up. We’re encouraging people to take a fresh look at their repayments and household budget.”
Commonwealth Bank of Australia (CBA) will also pass on the hike on 13 November. Group executive for retail banking Angus Sullivan urged customers to reach out if they begin experiencing mortgage stress.
“Speaking with us sooner gives our teams more opportunity to understand their circumstances and discuss the options that may be available,” Sullivan said.
Westpac (and St. George) also confirmed it will pass on the increase on 13 November, while Australia and New Zealand Banking Group (ANZ) outlined the same timing across its variable-rate products.
The 10-day turnaround from the majors is slightly faster than previous timelines. Following the March rate hike, the majors took an average of 11 days to pass on the increase.
At the last rate cut in August 2025, the majors averaged 11.75 days to adjust their pricing.
Split among non-majors and non-banks
Among the first to confirm its move was Macquarie Bank, which will increase variable home loan reference rates by 0.25 per cent p.a. from 19 November 2026.
Macquarie will also increase the ongoing variable interest rates paid on its transaction and savings accounts by the same amount from the same date.
Ben Perham, head of personal banking at Macquarie Bank, said: “To help our variable home loan customers prepare, we’re again waiting more than two weeks before this latest increase takes effect.
“At the same time, our transaction and savings account customers will see their variable rates increase, with no monthly fees or complex ‘hoops or catches’ to navigate.”
Macquarie has also been among the lenders to leave a longer gap between RBA decisions and rate changes following previous hikes.
Non-bank lender Pepper Money is also passing on the increase from 13 November, as is ING.
ING Australia head of retail Jennifer Davies said: "We have a range of support options available and encourage anyone feeling under pressure to get in touch with us early.
“At the same time, higher deposit rates are good news for savers, who can earn more on the money they’ve worked hard to put aside.
"Now is a good time for Aussie savers to take a fresh look at their savings and make sure they’re getting a competitive return.”
Bank of Melbourne and BankSA both announced they will adjust their rates on 13 November as well.
AMP Bank is moving slightly earlier, with the 0.25 per cent p.a increase effective 9 November.
Mutuals move together
Australian Mutual Bank announced it will increase rates on 12 November, alongside its affiliated lenders Firefighters Mutual Bank, UniBank, Health Professionals Bank and Teachers Mutual Bank.
Greg Johnson, Teachers Mutual Bank Limited’s chief customer officer, said: “With today’s announcement, the official cash rate has increased five times this year.
“While our members with savings accounts may welcome the change, those with home or business loans will be feeling added pressure on their budgets.
“Every member has different circumstances to manage, and our Member Assist team is here to work with members to explore personalised support options available. I encourage any member feeling under pressure to talk to us early.”
BankVic and Southern Cross Credit Union both opted to move faster, increasing rates from 5 November instead.
Where will rates go next?
The major banks are currently broadly aligned in their forward expectations, all predicting that the RBA will pause in December.
ANZ believes the RBA is at, or close to, the peak of its tightening cycle and is not forecasting another increase, while NAB pointed to the split vote, the removal of explicit guidance on further hikes and the RBA’s acknowledgement that the economy is slowing.
CBA said it expects the RBA to hold in December after five hikes this year.
It warned that stubborn inflation expectations, global energy shocks and weak productivity could still prompt another increase in 2027. However, its base case is for two rate cuts in late 2027, taking the cash rate to 4.35 per cent.
Westpac also expects a December pause, with chief economist Luci Ellis pointing to the split vote and the removal of previous tightening guidance. She said February was the next most likely timing for a hike, should one eventuate.
[Related: Broker policy round-up: Lender changes at a glance 22–29 October]
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