Picture by Nicolas Gonzalez on Unsplash

In case you missed it, the RBA upped the cash rate on Tuesday by 25 basis points to 4.35%.

Mortgage holders will by now be all too familiar with waiting for the inevitable announcement that their bank will be applying the rate hike in full to variable home loans.

Lots of banks, including all of the big four, have already announced the hike will be passed on in full to variable rate mortgages, for new and existing customers, largely from next week.

However for a few lenders, including BOQ and AMP, these changes have already kicked in.

There were also several banks who upped fixed rates this week, in some cases by more than 25 bps.

Keep in mind due to responsible lending obligations, repayment amounts will not change for existing customers for at least 21 days from rates changing. Notices are usually sent via email or post. 

Existing customers may also be on different rates to those featured below, which are for new customers.

AMP, BOQ, Athena increase variable rates by 25 bps 

Bank of Queensland (BOQ) was one of the first responders to the rate hike, announcing the next day rates would increase by 25 bps on its variable home loans as well as its subsidiary, Virgin Money. 

As of Friday 10 November, these changes have now taken effect, with the following new rates at BOQ:

  • The Economy Variable home loan principal and interest home loan (LVR<80%) now has a rate of 7.57% p.a (7.71% p.a comparison rate).
  • The rate on the Investment Clear path variable home loan principal and interest (LVR<90%) is now 8.87% p.a (8.98% p.a comparison rate).

At AMP, the Essential Home Loan (LVR<90%, max loan $750k) now has a 6.64% p.a interest rate (6.67% p.a comparison rate).

The AMP Investment Essential Home Loan (LVR<60%, max loan $750k) was upped by 25 bps to 6.54% p.a (6.57% p.a comparison rate).

Meanwhile, non bank lender Athena moved up rates on the Straight up Owner occupier home loan (LVR<80%), meaning customers will now pay 6.39% p.a (6.35% p.a comparison rate).

Online lender loans.com.au also passed on the 25 bps increase in full, including its Basic Home Loan (LVR<90%), which now has a 6.04% p.a rate (6.06% p.a comparison rate).

Adelaide Bank, TicToc, Reduce increase fixed rates

Variable rate home loans usually go up and down at roughly the same rate as the cash rate, but there tends to be a bit more variety among fixed loans.

Fixed rates depend on lenders' long term outlooks on the cash rate and the economy, as well as its strategy for growing its share of the mortgage market.

Most of these lenders have yet to announce variable rate increases, but moved quickly to hike up fixed rates after Tuesday's decision.

Adelaide Bank upped fixed rates by up to 55 basis points.

This included the following products:

  • The Smart Saver 3 year fixed P&I home loan (LVR<95%) saw rates upped by 45 bps to 6.49% p.a (6.24% p.a comparison rate).
  • The Investment SmartSaver 2 year Fixed P&I (LVR<90%) had rates increased by 25 basis points to 6.64% p.a (6.67% p.a comparison rate).

Tic:Toc, backed by Adelaide, also increased rates up to 55 basis points, including its three year fixed owner occupied loan (LVR<90%), which now has a rate of 6.48% p.a (5.95% p.a comparison rate), a 45 bps increase.

Investors who fix their loan with Tic:Toc for two years (LVR<90%) will now pay 6.60% p.a in interest (6.15% p.a comparison rate).

Bank Australia upped fixed rates by 25 bps, including its basic 2 year fixed (LVR<80%), which now has a 6.09% p.a interest rate (5.85% p.a comparison rate).

Reduce was another to increase fixed rates by up to 55 bps, with customers who fix their loan for four or five years (LVR<80%) with the Home owners dream now having to pay 6.64% p.a (6.22% p.a comparison rate) after a 55 bps increase.

Bank Australia moved up fixed rates this week.

Home loan rates for the rest of November

Next week should continue to see banks and other lenders passing on the cash rate increase to customers.

Next Friday will see CommBank, NAB and ANZ up variable rates by 25 bps.

Macquarie and ING are among the other banks that have also announced rates will go up next week.

Westpac won't be moving until 21 November.