Macquarie variable rate increase starts 19 November, big four 13 November

What happened. The Reserve Bank of Australia raised the cash rate by 25 basis points to 4.85% on 3 November. That is the highest level since December 2008. The board voted 6 to 3. A basis point is one hundredth of a percentage point. After that, each bank announces what it does with its own variable rates.

Macquarie went first. Within an hour of the decision, Macquarie said it will raise variable home loan reference rates by 0.25% a year from 19 November. It will raise the rates on its transaction and savings accounts by the same 0.25% on the same day. Ben Perham, head of personal banking, said the bank is again waiting more than two weeks before the increase takes effect.

The big four. On 4 November CBA, ANZ, Westpac and NAB each said they will raise variable home loan rates by 0.25% a year from 13 November. That is six days before Macquarie's date. CBA says customers will see the new rate in its app from 14 November. ANZ covers home, investment and line of credit loans.

What it costs. ANZ says 0.25% a year adds about $79 a month on a $500,000 owner-occupier loan with principal and interest repayments. Dollars here are Australian. Your own number depends on loan size, term and discount. ANZ and CBA say they will tell customers their new minimum repayment. If you pay interest only, the interest charged changes on its own (ANZ).

Savers. Macquarie lifts its savings rate by 0.25% from 19 November, and its savings account has no monthly conditions. Westpac says the total variable rate on its Life account, with bonus interest, rises 0.25 points to 5.50% a year from 13 November. The ABC notes that banks have been slower to pass rises on to savers, and top rates often come with conditions. Canstar says that if the conditions are missed, the rate falls to a base rate of around 0.10%. We did not check savings changes at CBA, ANZ and NAB.

Pressure on households. In a Canstar survey, as many as 10% of borrowers said they could not meet the higher repayments and a further 28% said it would not be easy (ABC). Westpac says most of its customers are ahead on repayments. All the banks told customers under strain to contact them early.

What we do not know. Whether smaller lenders follow. How much your own repayment rises, which depends on your loan. What happens to savings rates at CBA, ANZ and NAB. Whether the RBA raises again. This is an overview, not a forecast or advice.

Hechos confirmados

• The Reserve Bank of Australia raised the cash rate by 25 basis points to 4.85% on 3 November 2026, the highest level since December 2008. The board voted 6 to 3.^[3][6]
• Macquarie said on 3 November it will raise variable home loan reference rates by 0.25% a year from 19 November 2026.^[1]
• Macquarie will raise the rates it pays on transaction and savings accounts by 0.25% from 19 November.^[1]
• Macquarie said it is again waiting more than two weeks before the increase takes effect.^[1]
• Macquarie announced the increase within an hour of the RBA decision.^[2]
• CBA said on 4 November it will raise variable home loan rates by 0.25% a year from 13 November. Customers will see the new rate in the app from 14 November.^[4]
• ANZ said on 4 November it will raise variable rates on home, investment and line of credit home loans by 0.25% a year from 13 November.^[5]
• Westpac and NAB will raise variable home loan rates by 0.25 percentage points from 13 November.^[3][2]
• The Westpac Life total variable rate with bonus interest rises 0.25 points to 5.50% a year from 13 November.^[3]
• ANZ estimates that 0.25% a year adds about $79 a month on a $500,000 owner-occupier loan with principal and interest repayments.^[2]
• ANZ and CBA will tell customers their new minimum repayment. For ANZ customers paying interest only, the interest charged changes automatically.^[4][5]
• The ABC reports that banks have been slower to pass rises on to savers and often require conditions for top rates. Canstar says that without them the rate drops to a base rate of around 0.10%.^[2]
• In a Canstar survey, as many as 10% of borrowers said they could not meet higher repayments and a further 28% said it would not be easy.^[6]
• Westpac said most of its customers are ahead on their repayments.^[3][2]
• All the big banks told customers under financial strain to contact their bank as soon as possible.^[2]

Implicaciones

• ConfirmadoVariable rate borrowers at Macquarie, CBA, ANZ, Westpac and NAB will see their rate rise by 0.25% a year: from 13 November at four banks and from 19 November at Macquarie.
• ConfirmadoSavers get a top rate only if they meet the account's conditions.
• Nuestra lecturaAnother rise in repayments may be hard for borrowers who have already cut spending. That is our reading of the Canstar survey and the banks' statements.
• ConfirmadoMacquarie and Westpac (Life account) are raising savings rates. We did not check CBA, ANZ and NAB.

Todavía no se sabe

• Whether smaller lenders raise rates
• How savings rates change at CBA, ANZ and NAB
• How much one borrower's repayment rises
• Whether the RBA raises again

A quién afecta

Australia. Variable rate borrowers and savers in Australia, and anyone following interest rates

Fuentes

1. Macquarie Group: Macquarie Bank's response to the RBA's interest rate decision 3 de noviembre de 2026 · oficial
2. ABC News: Australia's banks lift mortgage rates in wake of RBA's fifth cash rate hike this year 4 de noviembre de 2026 · medios
3. Nine News: First big four bank makes move after RBA lifts interest rates again 3 de noviembre de 2026 · medios
4. Commonwealth Bank of Australia: Home loan rates announcement 4 de noviembre de 2026 · oficial
5. ANZ: Home loan interest rate changes 4 de noviembre de 2026 · oficial
6. ABC News: Interest rate hikes putting more pressure on already stressed households 3 de noviembre de 2026 · medios