ANZ and Big Four Banks Pass On the RBA's 4.6% Cash Rate
All four major banks have moved variable rates higher after the RBA's latest hike, with ANZ also lifting fixed rates for the second time in three weeks.
Australia's Cash Rate Hits 4.6% — What Changed This Week
All four of Australia's major banks have passed on the Reserve Bank of Australia's latest 0.25 percentage point cash rate increase, lifting variable home loan rates effective from 9 October 2026. The move brings the official cash rate to 4.6%, according to Australian Broker.
For owner-occupiers paying principal and interest, variable rates at the big four now range from 6.24% at Westpac up to 6.50% at ANZ. NAB's lowest variable rate starts from 6.29%, while CBA's is 6.34%. Westpac is the cheapest of the four.
The rate moves extend well beyond the major banks. More than 40 lenders have announced they will pass on the full 0.25 percentage point increase, including Bendigo Bank, ING, AMP, Bankwest, St George and Suncorp. Across all lenders that have announced their updated pricing, variable rates start from 5.94%.
If you are on a standard variable rate with a major bank and have not reviewed your loan recently, there is a real chance your rate now begins with a 7. That is a level most borrowers would have found difficult to imagine just two years ago, when the cash rate was still near historical lows. Use our cheapest home loans page to see where the market currently sits.
ANZ Raises Fixed Rates for the Second Time in Three Weeks
Variable rates are not the only thing moving. ANZ has lifted its fixed home loan rates for the second time in just over three weeks, with increases of up to 0.25 percentage points. Its one-year fixed rate has climbed from 6.49% to 6.69%, making it the most competitive fixed rate offered by any of the four major banks following the latest adjustment.
ANZ is not alone. NAB has raised fixed rates twice in the same three-week period. CBA and Westpac have each made fixed rate increases of up to 0.48 and 0.45 percentage points respectively across the same window, according to Australian Broker.
The consistent repricing of fixed rates across all four major banks carries a clear signal: lenders are pricing in a real possibility of further RBA increases ahead. When banks lift fixed rates repeatedly above today's variable rates, it reflects their expectation that variable rates have further to rise.
That said, the big four banks' economists are split. ANZ and Westpac economists both expect one more increase in November 2026, which would take the cash rate to 4.85%. CBA and NAB economists, by contrast, expect 4.6% to mark the peak of the current tightening cycle.
For borrowers, this creates a genuine dilemma. Locking in a fixed rate removes uncertainty if rates do rise again — but it also means missing any eventual cuts if the cash rate peaks sooner than forecast. A broker can model both scenarios against your specific loan.
What Should You Do Right Now?
**Review your current rate.** Log into your home loan account and confirm the interest rate you are actually paying. Use our cheapest home loans page to see how it compares with what is currently available. If you are paying materially above the competitive end of the market, acting before a potential November rise makes sense.
**Model your repayments at 4.85%.** Use the repayment calculator to see what your monthly repayments look like if ANZ and Westpac economists are right about a November move. If the numbers at 4.85% are stretched, building a buffer now is the sensible move rather than waiting for the notice to arrive.
**If you are considering refinancing,** the current market is competitive. Lenders are actively seeking new customers, and there is a meaningful gap between major bank variable rates and some of the sharper products currently available. Our refinance home loans page is updated regularly with competitive options. A broker can also access deals not advertised publicly.
**If you are an investor,** rate increases change the yield and serviceability calculations on your portfolio. Check the investor home loans page for current competitive investor rates, and consider whether your current lender is still the right fit.
**Repayments will not jump immediately.** CBA provides borrowers with at least 20 days' notice before repayment amounts change. Westpac, NAB and ANZ each provide at least 30 days. Many borrowers will not feel the change for two to three months. Use that window to review your loan rather than waiting until the higher repayment lands.
**If you are under financial pressure,** contact your lender before you miss a payment. You can also reach the National Debt Helpline on 1800 007 007 for free financial counselling.
The debate over where rates peak is not settled. Whether the cash rate tops out at 4.6% or edges higher to 4.85%, borrowers who take a clear-eyed look at their mortgage today are better placed than those who wait. Use the refinance savings calculator to estimate what switching could save you, or read the full report: ANZ lifts fixed rates again as big four pass on cash rate rise.