The RBA’s fifth rate hike of 2026 triggers immediate responses from ANZ, CBA, Westpac, and ING
Four lenders – ANZ, Commonwealth Bank (CBA), Westpac and ING Australia – have moved swiftly to pass on the Reserve Bank of Australia’s (RBA) November 2026 cash rate increase to variable home loan customers, with National Australia Bank (NAB) yet to formally announce its response.
The RBA lifted the official cash rate by 0.25% on 3 November, taking it to 4.85%, the fifth increase of 2026 and the highest level since 2008, according to data published by the Reserve Bank of Australia.
The decision is set to push monthly repayments higher for hundreds of thousands of Australian mortgage holders before the month is out.
Major banks move in unison
ANZ, Westpac, CBA, and ING all confirmed they would pass on the full 25-basis-point increase to variable home loan borrowers, with changes effective from 13 November.
ANZ Group Executive Australia retail, Pedro Rodeia, confirmed the bank would increase variable interest rates across its Australian home loans by 0.25%. The ANZ Plus Growth Saver bonus rate will also rise by 0.25%, bringing the total rate to 5.6% for eligible savings customers.
“We encourage customers to engage with us early, whether they’re reviewing their finances, planning ahead or simply wanting to better understand their options,” Rodeia said.
Westpac will also increase variable home loan rates by 0.25% for both new and existing customers from 13 November. The Westpac Life total variable rate with bonus interest will increase by 0.25% to 5.5% on the same date.
Carolyn McCann, Westpac chief executive, consumer, acknowledged the pressure the decision places on households. “We know another interest rate increase may be difficult for many households, particularly those who have already adjusted their budget this year,” McCann said. “The majority of our customers are managing well and remain ahead on their repayments.”
CBA confirmed the same effective date – 13 November – for its variable rate changes. Angus Sullivan, CBA group executive retail banking, emphasised the bank’s focus on customer support. “We recognise customers have been navigating an environment of rising interest rates this year. Our focus is on helping them understand the impact on their repayments, making it straightforward to access support if they need it,” Sullivan said.
ING Australia also confirmed it would increase variable interest rates across its home loans and savings products for new and existing customers by 0.25%, effective 13 November.
Jennifer Davies, ING Australia head of retail, acknowledged the pressure on households while pointing to an upside for savers. “We’re here to support our customers as they adjust to higher rates. We have a range of support options available and encourage anyone feeling under pressure to get in touch with us early,” Davies said. “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.”
What this means for borrowers and brokers
A 0.25% increase has a material impact on household budgets. ANZ confirmed the change would increase monthly repayments by approximately $79 on a variable home loan of $500,000 for an owner-occupier with principal and interest repayments. With the cash rate now at 4.85%, the cumulative impact of five rate increases in 2026 represents a significant shift in serviceability conditions across the Australian mortgage market.
On the national average new owner-occupier loan of $731,000, the Mortgage & Finance Association of Australia (MFAA) estimates the full pass-through adds approximately $119 per month to repayments, a figure that rises sharply by state.
Borrowers in New South Wales, where the average new owner-occupier loan stands at $842,000, face an additional $138 per month. Queensland borrowers on the state average of $751,000 are looking at $123 more. South Australian and Victorian borrowers each face approximately $109 to $110 extra per month.
For mortgage brokers, the rate environment reinforces the value of proactive client contact. The banks' announcements encouraged customers to reach out early, and brokers are well-placed to facilitate those conversations, particularly for clients who may be approaching financial stress or who have not reviewed their loan structure since earlier in the year. Rate increases of this magnitude also sharpen the case for refinancing reviews and product comparisons across lenders.
