All four major banks have confirmed they will pass on this week's Reserve Bank rate rise in full. If you have a variable home loan with CommBank, NAB, Westpac or ANZ, your rate goes up by 0.25% from Friday 9 October 2026.
The short version
- The RBA lifted the cash rate by 0.25% to 4.60% on Tuesday 29 September. The board's decision was unanimous.
- It's the fourth rise of 2026 and takes the cash rate to its highest level since late 2011.
- The big four, and Westpac's St George, BankSA and Bank of Melbourne brands, are adding 0.25% to variable home loan rates from 9 October.
- Fixed-rate loans don't change until the fixed term ends.
- The next RBA decision is on Tuesday 3 November.
When the new rate starts, by lender
These are the announcements we'd seen as at 30 September. Lenders can update their plans, so your lender's own notice is the one that counts.
| Lender | Variable rate change | Effective from |
|---|---|---|
| Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, UniBank, Health Professionals Bank | +0.25% | Thu 8 Oct 2026 |
| Commonwealth Bank | +0.25% | Fri 9 Oct 2026 |
| NAB | +0.25% | Fri 9 Oct 2026 |
| Westpac | +0.25% | Fri 9 Oct 2026 |
| ANZ | +0.25% | Fri 9 Oct 2026 |
| St George, BankSA, Bank of Melbourne | +0.25% | Fri 9 Oct 2026 |
| Macquarie | +0.25% | Thu 15 Oct 2026 |
| ING, Suncorp, BOQ, Bendigo, Bankwest, Ubank, AMP, ME, HSBC, Athena | Not yet announced | As at 30 Sep 2026 |
If your lender isn't listed, or hasn't announced anything yet, it's worth keeping an eye on your inbox and internet banking over the next week or two.
What it might cost you
The extra cost depends on your balance, your rate and how many years you have left. As a rough guide:
- ANZ's own example is about $79 a month more on a $500,000 owner-occupier loan with principal and interest repayments.
- The ABC estimated about $91 a month on a $600,000 loan with 25 years remaining.
- Canstar estimated about $107 a month on a $700,000 loan.
So for a typical mid-size loan, a full 0.25% pass-through works out at roughly $90 to $110 a month. If you're on interest-only repayments, or your loan is larger or smaller, your figure will be different.
The rate date isn't always the repayment date
This one trips people up. The date a new rate takes effect isn't necessarily the day your direct debit goes up. Depending on your lender and when your repayment falls, the higher amount might not show up until a later repayment. Your lender's notice should spell out the new rate and your new repayment amount. If it doesn't, ask them.
Why the RBA moved
Inflation is still running above the Reserve Bank's 2 to 3% target band. The August monthly CPI figures, released on 30 September, showed headline inflation at 4.0% and the trimmed mean (the RBA's preferred underlying measure) at 3.6%. Both were in line with what economists expected. We don't try to predict what the RBA will do on 3 November.
What to do this week
- Read your lender's notice. Check the new rate, the date it applies from and your new minimum repayment.
- Check your next debit. Make sure there's enough in the account for the higher amount, especially if your repayment comes out of a savings or offset account you also use day to day.
- Think about a buffer. If you can, keeping extra money in an offset account, or paying a little above the minimum, gives you room if rates keep moving.
- Ask for a rate review. If you haven't looked at your rate in a while, it may be worth comparing it with what your lender and others are offering new customers. Switching has costs, so weigh them up first.
- Re-check any pre-approval. If you're buying, a higher rate can reduce how much a lender will lend. Ask whether your pre-approval still holds at the new rate before you bid.
If you're on a fixed rate, nothing changes yet. It's still worth knowing when your fixed term ends and what your repayments might look like when it rolls onto a variable rate.
Not sure what your lender's letter means?
Send it through, or give us a call or book a time, and we'll read it with you in plain English: what's changing, when, and whether it's worth looking at your options. There's no cost and no pressure.
Sources: Reserve Bank of Australia, monetary policy decision, 29 September 2026. Media releases from Commonwealth Bank, NAB, Westpac and ANZ, 30 September 2026. Australian Bureau of Statistics, Monthly CPI Indicator (August 2026), released 30 September 2026. Repayment estimates from ANZ, ABC News and Canstar. Lender announcements as at 30 September 2026.
General information only — not credit advice. It doesn't take your objectives, financial situation or needs into account.
Loanworth Pty Ltd CR 547934 · Kym Tram CR 498798 · Connective Credit Services ACL 389328.