On 3 November the Reserve Bank lifted the cash rate to 4.85%, up from 4.60%. It is the fifth rise of 2026, and the ABC described the new level as an 18-year high. If you have a variable rate home loan, your repayments are likely to go up, and the banks have already started confirming when.
Here’s what has been announced, what it could mean in dollar terms, and what is worth checking now.
What Has Been Announced So Far
Based on ABC News reporting on 4 November:
- Macquarie moved first, announcing within an hour of the RBA decision that it would lift variable home loan rates by 0.25 percentage points. Customers have until 19 November before the higher rate applies.
- Westpac, NAB, ANZ and CBA each announced the next day that they would raise variable home loan rates by 0.25 percentage points, with the new rates applying from 13 November.
Lenders outside this list set their own timing and amounts, so it’s worth confirming the details directly with yours. Dates and rates can also change, so treat this as a snapshot rather than the final word.
What a 0.25 Percentage Point Rise Means for Your Repayments
ANZ said a 0.25 percentage point rise would add about $79 a month to repayments on a $500,000 variable owner-occupier principal and interest loan.
That’s one example, not a rule. Your own increase depends on:
- Your loan balance
- How much of your loan term is left
- Whether you’re paying principal and interest or interest only
- Whether your lender passes on the full 0.25 percentage points
A larger balance means a bigger increase and a smaller balance means a smaller one. The quickest way to see your own number is to run your balance and rate through our repayment calculator.
It’s also worth looking at the combined effect. This is the fifth increase this year, so the total impact on your repayments is larger than any single rise suggests.
What If You’re on a Fixed Rate?
Nothing changes until your fixed term ends. The catch is what happens next. Unless you act, your loan generally rolls onto your lender’s standard variable rate, which will reflect today’s higher rate environment.
If your fixed term finishes in the coming months, it’s worth reading what to do before your fixed rate ends rather than leaving it to the default.
Your Lender Won’t Necessarily Move the Way the Big Four Did
The cash rate influences mortgage rates but doesn’t set them. Lenders price loans based on their own funding costs, competition and risk settings, which is why timing and amounts can differ between them.
After a run of rises, those differences can matter more. It’s worth knowing where your current rate sits compared with what’s available, and comparing your options across a panel of lenders is one way to find out.
Is Now a Good Time to Check Your Rate?
It can be. When rates move quickly, the gap can widen between what existing customers pay and what lenders offer to attract new ones.
That doesn’t automatically mean switching is the right move. Refinancing has costs, and they need to be weighed against any saving, so it helps to understand what refinancing actually costs before deciding. A review itself is typically free, and it can confirm that you’re already on a competitive deal. If you haven’t checked in a while, our guide on how often to review your mortgage is a good place to start.
If the Higher Repayment Is Going to Be Tight
All four big banks said customers under financial strain should contact their bank as soon as possible, according to the ABC. It’s good advice for any lender: the earlier you talk to them, the more options there usually are.
Some practical steps:
- Work out your new repayment before the effective date, not after it lands
- Check what you have available in an offset account or redraw facility, if your loan has one
- Talk to your lender early if you think you’ll struggle, rather than waiting until you’ve missed a payment
- Ask whether your loan structure still suits you. Our guide on fixed, variable and split loans explains how each one behaves when rates move
- Keep your plans in perspective if you’re about to borrow. Rate rises affect what lenders assess you can afford, so your borrowing capacity can shift even if your income hasn’t
What About Savings?
The ABC reported that savers with the right accounts will earn more interest from mid-November. It also noted that top rates usually come with conditions, and Canstar said the rate can fall to a base rate of around 0.10% if the conditions aren’t met, such as minimum monthly deposits or limits on withdrawals.
If you hold savings alongside a mortgage, it’s worth understanding how an offset account works. It puts your savings to work by reducing the interest charged on your loan instead of earning interest in a savings account. Which approach suits you depends on your circumstances.
How a Mortgage Broker Can Help
Instead of piecing together bank announcements yourself, a broker can translate them into what they mean for your loan. That typically includes:
- Confirming when your lender’s rate change takes effect and by how much
- Comparing your current rate against what’s available across a panel of lenders
- Modelling the real dollar impact on your balance and loan term
- Reviewing whether your loan structure and features still suit you
- Helping you decide whether it’s worth asking your current lender for a better rate before considering a switch
This is general information only and not personal advice. Eligibility and lending criteria apply.
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Frequently Asked Questions
What is the RBA cash rate now?
The RBA lifted the cash rate to 4.85% on 3 November 2026, up from 4.60%. The most reliable place to check the current rate is the RBA’s own website at rba.gov.au.
When will my home loan repayments go up?
It depends on your lender. According to the ABC, Westpac, NAB, ANZ and CBA will apply the increase to variable home loan rates from 13 November, and Macquarie customers have until 19 November before the higher rate applies. For any other lender, check directly.
How much more will I pay each month?
ANZ said a 0.25 percentage point rise would add about $79 a month on a $500,000 variable owner-occupier principal and interest loan. Your own figure depends on your loan balance, remaining term and whether your lender passes on the full rise.
Does the rate rise affect my fixed rate loan?
Not during your fixed term. When the term ends, your loan generally reverts to your lender’s standard variable rate unless you refinance or choose a new fixed rate, so it’s worth planning ahead.
Should I fix my rate now?
That depends on your circumstances, your need for repayment certainty and how long you plan to keep the loan. It’s worth comparing current fixed and variable offers rather than reacting to a single rate decision.
Is it worth refinancing after a rate rise?
Sometimes, but not automatically. The answer depends on how your rate compares with what’s available and what refinancing would cost you. A review can show you the numbers either way.
Articles are general information. Rules, lender policies and market conditions may change. Check publication and review dates and confirm current details before relying on time-sensitive information.