More than 60 lenders have confirmed rate increases, but a substantial number have yet to announce moves
Over 60 lenders, including the four major banks, have confirmed plans to pass on the Reserve Bank of Australia's 25 basis point increase, but more than two dozen lenders — spanning digital banks, non-bank providers, mutuals, and credit unions — have not yet issued owner-occupier repricing announcements, according to data from Canstar.
ANZ, Commonwealth Bank, NAB and Westpac have all confirmed rate rises, as have Macquarie Bank, Bankwest, Suncorp Bank, St.George Bank, BankSA, Bank of Melbourne, BOQ, Bendigo Bank, ME Bank and Virgin Money.
A range of mutual banks and credit unions have also moved, including Bank Australia, Great Southern Bank, Newcastle Permanent, Qudos Bank, RACQ Bank, Regional Australia Bank and Teachers Mutual Bank.
Several lenders announced their moves on Budget day, including Australian Military Bank, Bank of China, Bank of us, BankVic, bcu, HSBC Home Loans, Police Bank, QBANK, Summerland Bank and Up.
Among lenders yet to announce are digital and neobank providers Athena, Unloan, Tiimely Home Loans, WLTH, Yard, Reduce and Resi, as well as Citi and RAMS. Non-bank lenders yet to move include Pepper Money, Liberty Financial, Firstmac, La Trobe Financial, Better Choice, Mortgage House, Better Mortgage Management, Pacific Mortgage Group, ChoiceLend, Freedom Lend, Catalyst Money, Loans.com.au and Homeloans.com.au.
Mutuals and credit unions yet to announce include Defence Bank, ECU, Gateway Bank, Police Credit Union, Queensland Country Bank, Transport Mutual Credit Union, Unity Bank and Bank of Heritage Isle. A small number of lenders — Bluestone, Heritage Bank and People's Choice Credit Union — have confirmed May increases but have not published implementation dates.
The "rate hike floodgates" had reopened following the RBA's May decision, noted Sally Tindall, data insights director at Canstar. "The start dates range from May 8 to June, although the majority of borrowers will see their variable rates rise this Friday, as that's when the big four are hiking." She added that nine lenders had lifted fixed rates in the past week, with further increases likely.
Tindall said additional cash rate rises remained possible. "While Governor Bullock did acknowledge the risks are now more evenly balanced, further cash rate hikes are still very much on the table," she stressed.
Despite the rate environment, Tindall said conditions did not point to a significant fall in property values. "It's hard to see house prices falling off a cliff, considering they survived a global pandemic and 13 rate hikes in 2022–2023."
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