Today, Friday 9 October, Commonwealth Bank, NAB, Westpac and ANZ all lift their variable home loan rates by 0.25%, matching the Reserve Bank’s move on 29 September that took the cash rate to 4.60%. Your interest rate starts climbing from today. Your minimum repayment usually doesn’t. Here’s the difference, what Canstar’s numbers say it costs, and what to check in your app this weekend.
The short version
- From today, 9 October, the big four charge the new higher variable rate on existing and new variable loans.
- Canstar’s lowest advertised owner-occupier principal-and-interest rates from today: Westpac from 6.24%, NAB from 6.29%, CBA from 6.34%, ANZ from 6.50% (LVR conditions apply).
- Canstar estimates this rise adds about $91 a month on a $600,000 loan, or $76 on $500,000. Once all four of 2026’s rises are passed on, that $600,000 borrower is paying about $364 a month more than before the first hike.
- At CommBank, the new rate applies today; you’ll see it in the app from Saturday 10 October; a new principal-and-interest repayment amount shows from Sunday 11 October — and the bank still gives notice before the higher debit starts.
- Interest-only borrowers at CBA feel the payment rise from today’s effective date. Principal-and-interest borrowers get more lead time.
What’s live from today
The RBA lifted the cash rate once. Lenders then chose when to pass it on. Our start-date timeline shows the spread from 2 to 16 October. Today is the biggest single day: the big four, plus BankSA, St George, Bank of Melbourne, Bankwest, ING, Suncorp and several others.
Canstar’s table of the majors’ lowest advertised owner-occupier principal-and-interest rates, effective 9 October:
| Lender | From (old) | From (new) | Change |
|---|---|---|---|
| Westpac | 5.99% | 6.24% | +0.25 |
| NAB | 6.04%–6.79% | 6.29%–7.04% | +0.25 |
| Commonwealth Bank | 6.09% | 6.34% | +0.25 |
| ANZ | 6.25% | 6.50% | +0.25 |
Those are advertised “from” rates for owner-occupiers paying principal and interest. Your own rate depends on your product, LVR and any package discount. CommBank’s reference rates (before discounts) also rose by 0.25 today — for example, the owner-occupier Standard Variable reference rate moved from 8.80% to 9.05%.
Your rate date isn’t your repayment date
This is the bit that catches people out. Interest starts accruing at the new rate from the lender’s effective date. Your scheduled repayment often stays put until the bank recalculates the minimum and gives you written notice.
CommBank’s public timeline is a clear example:
- Friday 9 October (today): the new variable rate applies.
- Saturday 10 October: existing customers can see the new rate in the CommBank app and NetBank.
- From Sunday 11 October: principal-and-interest customers whose repayments are changing see a message in their transaction listing with the new amount and effective date.
CBA says it gives notice before a higher principal-and-interest minimum takes effect, and that if your direct debit doesn’t cover the new minimum it will lift the debit automatically. Canstar’s Sally Tindall has noted that while banks must notify you in writing at least 20 days before the new amount is debited, most give customers a two-to-three-month window before the higher amount is withdrawn. Among the big four, CBA's notice is at least 20 days, while Westpac, NAB and ANZ give at least 30 days.
Interest-only customers at CBA are different: the interest payable and the payment rise from Friday 9 October on the usual payment cycle. Read your own lender’s notice rather than assuming every bank works like CommBank.
What the extra cost looks like
Canstar’s repayment estimates for this 0.25 rise (owner-occupier, principal and interest, 25 years remaining at the start of this year’s hikes):
| Loan size | Extra per month (this rise) | Extra across four 2026 rises |
|---|---|---|
| $500,000 | about $76 | about $303 |
| $600,000 | about $91 | about $364 |
| $750,000 | about $114 | about $454 |
| $1,000,000 | about $152 | about $606 |
Your figure will differ with your balance, rate and remaining term. Canstar also notes that 4.60% is the highest cash rate since late 2011.
What to do this weekend
- Open your banking app. From tomorrow (or when your lender says), confirm the new interest rate against the notice you were sent.
- Find the repayment message. Look for the new minimum amount and the date it first comes out. Don’t assume it’s today’s debit.
- Check the account the repayment leaves. If you spend from the same account, make sure the higher amount will be there when it lands.
- If you set your own transfer amount, lift it to at least the new minimum once you know it, so you don’t fall short.
- Interest-only? Expect the payment change sooner. Budget for it on this cycle.
- Compare your rate. Everyone went up by the same 0.25, but they started from different places. It’s still worth seeing where you sit.
- Buying with a pre-approval? Ask whether your borrowing amount has changed at the new rates.
- If it’s tight, contact your lender early. Hardship processes exist for a reason.
On what comes next, the big four are split: CBA and NAB expect 4.60% to be the peak, while Westpac and ANZ are forecasting one more rise in November. Those are forecasts, not certainties. September-quarter inflation figures are due on 28 October, and the RBA’s next decision is Tuesday 3 November. For the full lender-by-lender calendar, see our 8 October timeline. Our 1 October piece covered the announcement when the majors first locked in today’s date.
Want a second set of eyes on your new repayment?
Send through your lender’s notice or book a chat and we’ll walk through the rate, the repayment date and what options you have. We’ll start with general information, and if you want personal recommendations we’ll do a proper fact-find first. There’s no cost and no pressure.
Sources: Reserve Bank of Australia, “Statement by the Monetary Policy Board: Monetary Policy Decision”, media release 2026-27, 29 September 2026. Commonwealth Bank, “Home loan rates announcement”, 30 September 2026 (effective 9 October 2026; app/NetBank and repayment timeline). Canstar, “Westpac, NAB and ANZ announce home loan rate hikes” (big four lowest advertised rates effective 9 October; Sally Tindall on notice periods). Canstar, “RBA September Cash Rate Hike” (repayment table: $76 / $91 / $114 / $152 and cumulative figures; 4.60% highest since late 2011). Australian Broker, Mina Martin, “Lenders lift 289 fixed rates after Reserve Bank hike, Canstar finds”, 7 October 2026 (Canstar forecasts split).
General information only, not credit advice. It doesn’t take your objectives, financial situation or needs into account.
Loanworth Pty Ltd (Credit Representative Number 547934) is a Credit Representative of Connective Credit Services Pty Ltd (Australian Credit Licence 389328).