The Reserve Bank lifted the cash rate to 4.85% on Tuesday 3 November, its fifth rise this year and the highest level since November 2008 (RBA). Now the banks have confirmed what that means for borrowers. Westpac, NAB, ANZ and CBA will all pass the full 0.25% on to variable home loan customers from Friday 13 November (ABC News).
This article sets out who’s moving and when, what it adds to your repayments, what the banks expect next, and what you can do before the new rate lands.
Which lenders are passing it on, and when
Every major lender has confirmed the full 0.25%:
| Lender | Variable rate change | Effective |
|---|---|---|
| Westpac | +0.25% | 13 November |
| NAB | +0.25% | 13 November |
| ANZ | +0.25% | 13 November |
| CommBank | +0.25% | 13 November |
| ING | +0.25% | 13 November |
| Macquarie | +0.25% | 19 November |
Macquarie was the first to move, telling customers within an hour of the RBA announcement. Most lenders are passing the rise on 13 November, ten days after the decision. A few smaller lenders moved faster, from 5 November, and the latest so far is 19 November. After the March rise, the major banks took an average of 11 days (Broker Daily).
The change applies to existing as well as new customers, and it’s applied automatically from the effective date. ANZ says existing customers will be notified in writing of their new minimum repayment, and new rates will be visible in its app and internet banking from 14 November.
What it adds to your repayments
Westpac’s lowest variable rate goes from 6.24% to 6.49%, and NAB’s range moves from 6.29% to 7.04% up to 6.54% to 7.29% (Canstar). Here’s what a 0.25% rise does to common loan sizes, from 6.24% to 6.49%, over 30 years on a principal and interest basis:
| Loan size | Extra per month | Extra per year | New monthly repayment |
|---|---|---|---|
| $400,000 | about $65 | about $780 | about $2,526 |
| $500,000 | about $82 | about $980 | about $3,157 |
| $600,000 | about $98 | about $1,180 | about $3,788 |
| $750,000 | about $123 | about $1,470 | about $4,736 |
These figures are illustrative. Your own rate, balance and remaining term will give a different number, and the lowest advertised rate isn’t what every borrower pays. Our home loan calculator lets you test your own loan.
When will you actually see it?
The new rate applies from 13 November for most lenders, but when your repayment changes depends on your repayment cycle and how your lender notifies you. Check your lender’s notice for your new minimum repayment and the date it starts.
Only variable rate loans are affected. If you’re on a fixed rate, your rate doesn’t change until the fixed term ends, so it’s worth knowing that date.
What the banks expect next
The major banks are broadly aligned that the RBA will pause in December. ANZ believes the RBA is at, or close to, the peak of its tightening cycle. NAB points to the split vote, the removal of explicit guidance on further rises and the RBA’s acknowledgement that the economy is slowing, and CBA expects a hold in December after five rises this year (Broker Daily).
The board’s vote on 3 November was six to three, with three members preferring to hold. Forecasts are opinions, not guarantees, and they can change quickly if inflation or jobs data surprise. We looked at how the market was reading the decision in our RBA predictions article.
What to do before 13 November
- Work out your new repayment. Use the calculator with your balance and rate plus 0.25%.
- Check your buffer. If your budget only works at today’s repayment, money in an offset account or a few months of repayments set aside gives you room.
- Compare your rate. Lenders compete harder for new customers than for existing ones, so a quick comparison can show whether you’re paying more than you need to. Our refinancing page explains how a review works, and our guide to what a comparison rate is helps you compare fees. A refinance usually takes a few weeks to assess and settle, so it won’t land before 13 November, but starting now can still reduce what you pay after it.
- Check your fixed rate end date, if you’re on a fixed rate, so a rollover doesn’t catch you out.
- Reassess your borrowing power, if you’re buying. Lenders assess your repayments at 3 percentage points above the actual rate (APRA), so each rise lowers what you can borrow. Ask your broker to check any pre-approval.
- Talk to your lender early if repayments are getting hard. Lenders have hardship options, and the free National Debt Helpline (1800 007 007) can help you work out next steps (ASIC MoneySmart).
What about savers?
Several lenders are lifting savings rates too, but the pass-through is uneven and often conditional. Macquarie says its transaction and savings account rates will rise by the full 0.25% on 19 November, while Westpac’s Spend&Save boost is limited to customers aged 18 to 40. Check the conditions before you assume a higher rate applies to you.
Talk to us
The hfinance team compares across 50+ lenders and can show you what the rise means for your loan, and whether a better rate is available. Get in touch and we’ll run your numbers.
This article is general information only and does not take into account your personal financial situation or objectives. Lender announcements and forecasts are as reported on 4 and 5 November 2026 and can change. Repayment figures are illustrative and based on a 30-year principal and interest loan. Speak with an hfinance broker before making any lending decisions.