December cash rate hike: the big four banks have raised their home loan interest rates

The Reserve Bank of Australia (RBA) has once again raised the cash rate this month, and the big four banks – ANZ, CommBank, NAB and Westpac – have all raised home loan variable rates in response. We’ve taken a look at what these interest rate calls could mean for your home loan and monthly repayments. Article last updated Wednesday 7 December at 8.00am AEDT.
At its last monthly meeting of the year, held on Tuesday 6 December, the RBA raised the cash rate by 25 basis points to 3.10%. This decision marks the eighth cash rate hike in as many months, with inflation figures over the Christmas period likely to determine whether the central bank will continue hiking rates in the new year, or hold.
How have the big four banks responded to the cash rate increase?
For the past several months, Australia’s big four banks have passed on the RBA’s cash rate hike in full to home loan customers, and all four did so again in December.
- Westpac was the first of the big four banks to hike their rates after the RBA’s December cash rate call, announcing on Tuesday afternoon that home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 20 December.
- NAB announced next, telling borrowers that it will increase its standard variable home loan interest rate by 0.25% p.a, effective from 16 December.
- ANZ was the next to announce on Tuesday afternoon, telling customers that it will increase home loan variable rates by 0.25% from 16 December.
- CommBank was the last of the big four to announce on Tuesday afternoon, telling customers that its home loan variable rates will increase by 0.25% from 16 December.
Readers, take note that home loan rate changes are often expressed in terms of ‘basis points’ or ‘percentage points’ – if you’d like to know more, you can read our explainer to find out about how basis points work.
Source: www.canstar.com.au. Last updated Wednesday 7 December, 8.00am AEDT. Current rates in the tables below are based on owner-occupier variable rates on Canstar’s database for a loan amount of $500,000, at an 80% loan-to-value ratio (LVR) with principal & interest repayments. Monthly repayment calculations based on a $500,000 loan repaid over a total of 30 years using principal & interest repayments. Lowest rates based on the lowest rates available for new customers from products that were also available before the May 2022 cash rate increase. Comparison rates calculated based on a loan amount of $150,000 and a loan term of 25 years. Read the Comparison Rate Warning.
ANZ home loan interest rate increases
ANZ has announced that it will hike home loan variable rates for new and existing customers by 0.25% from December 16. The below table shows how much more the average borrower on a variable rate loan of $500,000 might now expect to be paying per month, and also the total monthly amount that home loan repayments might have increased since 1 May 2022, before the current round of cash rate hikes began.
Also note that the table below shows ANZ’s current standard variable and package variable interest rate, as well as its lowest variable rate and the comparison rate for each.
← Mobile/tablet users, scroll sideways to view full table →
Current rate | Increase announced | Effective from | Increase to monthly repayment | Change to monthly repayment since 1 May 2022 | |
Standard variable | 7.14% (comparison rate 7.14%) | 0.25 basis points | 16 December | $84 | $957 |
Discounted standard variable | 7.74% (comparison rate 5.75%) | 0.25 basis points | 16 December | $80 | $890 |
Lowest variable rate | 4.69% (comparison rate 4.70%) | 0.25 basis points | 16 December | $76 | $745 |
CommBank home loan interest rate increases
CommBank has announced that it will hike home loan variable rates for new and existing customers by 0.25% from December 16. The below table shows how much more the average borrower on a variable rate loan of $500,000 might now expect to be paying per month, and also the total monthly amount that home loan repayments might have increased since 1 May 2022, before the current round of cash rate hikes began.
Also note that the table below shows CommBank’s current standard variable and package variable interest rate, as well as its lowest variable rate and the comparison rate for each.
← Mobile/tablet users, scroll sideways to view full table →
Current rate | Increase announced | Effective from | Increase to monthly repayment | Change to monthly repayment since 1 May 2022 | |
Standard variable | 7.30% (comparison rate 7.44%) | 0.25 basis points | 16 December | $85 | $965 |
Package variable | 4.67% (comparison rate 5.07%) | 0.25 basis points | 16 December | $76 | $316 |
Lowest variable rate | 4.72% (comparison rate 4.73%) | 0.25 basis points | 16 December | $76 | $754 |
NAB home loan interest rate increases
NAB has announced that it will hike home loan variable rates for new and existing customers by 0.25% from December 16. The below table shows how much more the average borrower on a variable rate loan of $500,000 might now expect to be paying per month, and also the total monthly amount that home loan repayments might have increased since 1 May 2022, before the current round of cash rate hikes began.
Also note that the table below shows NAB’s current standard variable and package variable interest rate, as well as its lowest variable rate and the comparison rate for each.
← Mobile/tablet users, scroll sideways to view full table →
Current rate | Increase announced | Effective from | Increase to monthly repayment | Change to monthly repayment since 1 May 2022 | |
Standard variable | 7.27% (comparison rate 7.40%) | 0.25 basis points | 16 December | $85 | $964 |
Package variable | 6.42% (comparison rate 6.78%) | 0.25 basis points | 16 December | $82 | $923 |
Lowest variable rate | 4.74% (comparison rate 4.78%) | 0.25 basis points | 16 December | $76 | $785 |
Westpac home loan interest rate increases
Westpac has announced that it will hike home loan variable rates for new and existing customers by 0.25% from December 20. The below table shows how much more the average borrower on a variable rate loan of $500,000 might now expect to be paying per month, and also the total monthly amount that home loan repayments might have increased since 1 May 2022, before the current round of cash rate hikes began.
Also note that the table below shows Westpac’s current standard variable and package variable interest rate, as well as its lowest variable rate and the comparison rate for each.
← Mobile/tablet users, scroll sideways to view full table →
Current rate | Increase announced | Effective from | Increase to monthly repayment | Change to monthly repayment since 1 May 2022 | |
Standard variable | 7.33% (comparison rate 7.46%) | 0.25 basis points | 20 December | $85 | $967 |
Package variable | 6.04% (comparison rate 6.39%) | 0.25 basis points | 20 December | $81 | $905 |
Lowest variable rate | 4.99% (comparison rate 5.00%) | 0.25 basis points | 20 December | $77 | $862 |
The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Up to $4,000 when you take out a IMB home loan. Minimum loan amounts and LVR restrictions apply. Offer available until further notice. See provider website for full details. Exclusions, terms and conditions apply.
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This article was reviewed by our Sub Editor Tom Letts before it was updated, as part of our fact-checking process.

Alasdair Duncan is Canstar's Content Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.
In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.
When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.
The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.
The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.