The Reserve Bank lifted the cash rate target by 0.25 percentage points to 4.85 per cent on 3 November 2026, effective 4 November. Every major lender listed below passed the full amount through to variable home loans. Only the start date differs, and that date controls how much extra interest you pay before your repayment catches up.
Who moves, and from when
- Teachers Mutual Bank: from 12 November 2026.
- Commonwealth Bank, NAB, Westpac, ANZ and ING: from 13 November 2026 (Friday), confirmed on 4 November according to Savings.com.au and Australian Broker.
- Bank of Sydney: from 17 November 2026 on standard variable home and business loans, announced 5 November 2026.
- Macquarie Bank: from 19 November 2026.
Canstar figures quoted on 4 November 2026 put Westpac's advertised owner-occupier variable rate from 6.49 per cent once the change takes effect and NAB from 6.54 per cent. Australian Broker also cites CBA at 6.59 per cent and ANZ at 6.75 per cent on its Canstar-based comparison. Check your lender's notice for your own rate and comparison rate.
Your repayment changes later than your rate
Interest accrues at the new rate from the effective date. Your minimum repayment only rises after notice. CBA gives at least 20 days and the other majors at least 30. Australian Broker says the lag is often two to three months in practice. In the gap you pay the new interest out of the old repayment, so less goes to principal unless you lift payments yourself.
ANZ puts the cost of this hike at about $79 a month on a $500,000 owner-occupier loan. On a $600,000 loan over 30 years, another 0.25 percentage point is often around $95 to $100 a month, depending on the remaining term and your lender's rate.
Every major lender we list passed the full 0.25 point move on variable home loans. On savings, several lenders moved only selected bonus rates, and two majors had not announced deposit changes when we checked.
Savers did not all get the same news on the same day
Australian Broker reported on 4 November 2026 that ANZ Plus Growth Saver would reach 5.6 per cent and Westpac Life 5.5 per cent for customers who meet bonus conditions, that ING is lifting savings rates alongside home loans, and that CBA and NAB had not announced deposit changes as of that date. Canstar's 4 November coverage also reported Westpac adjusting selected savings rates from 13 November.
A higher cash rate is not the same as a higher rate on your balance. Bonus savers still need to meet monthly conditions, and base rates on some accounts can sit near zero.
What to do before your repayment rises
- Find your lender's letter or app notice and note the new rate and repayment start date.
- Compare your rate with non-bank lenders. Canstar expects more than 40 lenders to offer variable rates below 6.5 per cent after this pass-through.
- Ring retention before you refinance. A discount to stay costs nothing and keeps your existing loan structure.
- Check your savings bonus conditions. Moving cash or meeting the condition can matter more than chasing a refinance rate cut.
- If November's move breaks your budget, call the lender early. CBA, NAB and Westpac each urged customers to contact them in their rate announcements.
Disclosure: Licensed brokers who meet our criteria pay Your Finance Guide a partnership fee to receive enquiries from this site. The fee is paid by the broker, not by you, and is not added to your loan. Brokers are usually also paid a commission by the lender when a loan settles. Lender rates were as reported by Savings.com.au, Australian Broker and Canstar up to 5 November 2026. Check your lender's notice for your own rate.