CommBank has hiked variable home loan rates in response to the RBA

Commonwealth Bank (CommBank) has announced it will hike variable rate home loans in response to the RBA’s February cash rate increase, making mortgages more expensive still for variable rate borrowers after a series of hikes throughout 2022.
The Reserve Bank of Australia (RBA) announced this week, at its first meeting of the year, that it would raise the cash rate by 25 basis points, bringing it to 3.35%. Generally speaking, when the RBA raises the cash rate, banks and lenders are quick to follow, raising their own home loan variable interest rates.
If you are a CommBank customer wondering how today’s interest rate rise might affect your home loan, Canstar Research crunched the numbers to find out how much more you could be paying each month.
CommBank home loan interest rate increases
CommBank has announced it will hike home loan variable rates for new and existing customers by 0.25% pa from February 17. 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 have increased (based on the assumptions you can find under the table) since 1 May 2022, before the current round of cash rate hikes began.
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.
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Current rate | Increase announced | Effective from | Increase to monthly repayment | Change to monthly repayment since 1 May 2022 | |
Standard variable | 7.55% (comparison rate 7.69%) | 0.25% pa | 17 February | $86 | $1,051 |
Package variable | 4.92% (comparison rate 5.32%) | 0.25% pa | 17 February | $77 | $392 |
Lowest variable rate | 4.97% (comparison rate 4.98%) | 0.25% pa | 17 February | $77 | $831 |
Source: www.canstar.com.au. Last updated Thursday February 9, 10.00am 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.
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 Editor-in-Chief Nina Tovey 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.
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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.