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Last updated at March 18, 2026.
The Reserve Bank has lifted the cash rate for the second consecutive meeting. And within hours, lenders started making their move.
On March 17 at 2:30pm, the RBA increased the cash rate by 0.25% to 4.10%, in a closely split decision as inflation pressures continue to build. For homeowners, the next question is simple:
Which lenders are passing on the rate hike? Here’s what we know so far.
Which lenders have passed on the rate hike?
| Lender | Increase | Effective Date |
|---|---|---|
| NAB | +0.25% | 27 March 2026 |
| Westpac | +0.25% | 31 March 2026 |
| Commonwealth Bank | +0.25% | 27 March 2026 |
| ANZ | +0.25% | 27 March 2026 |
| Bank of Melbourne | +0.25% | 31 March 2026 |
| St George | +0.25% | 31 March 2026 |
| AMP Bank | +0.25% | 23 March 2026 |
| Macquarie Bank | +0.25% | 2 April 2026 |
| ING | +0.25% | 27 March 2026 |
| HSBC | +0.25% | 30 March 2026 |
| Bankwest | +0.25% | 27 March 2026 |
| Suncorp Bank | +0.25% | 26 March 2026 |
| Bendigo Bank | +0.25% | 25 March 2026 |
| UBank | +0.25% | 26 March 2026 |
| ME Bank | +0.25% | 21 March 2026 |
| Pepper Money | PENDING | |
| Auswide Bank | PENDING | |
| Bank Australia | +0.25% | 1 April 2026 |
| Newcastle Permanent | +0.25% | 27 March 2026 |
| Qudos Bank | +0.25% | 1 April 2026 |
| Australian Military Bank | PENDING | |
| Greater Bank | +0.25% | 2 April 2026 |
What the banks are saying
The response from lenders was almost immediate, as the Big Four Banks announced within a few hours of the RBA decision that they’d all be passing the rate hike in full.
There was a consistent theme amongst the major banks, who all acknowledged the pressure this is putting on borrowers, while reinforcing that support is available.
NAB Group Executive for Personal Banking, Ana Marinkovic, told the ABC that the increase would be “challenging for many Australians, particularly in the context of ongoing cost-of-living pressures.”
She pointed to the fact that while some borrowers have built buffers, “we know that won’t be the case for everyone”, urging customers to reach out early if they are feeling the impact.
Westpac struck a similar tone. Chief Consumer Executive Carolyn McCann said:
“With overseas conflict impacting inflation and cost of living, we know these are uncertain times for many of our customers.”
“If customers are concerned, we urge them to contact us as early as possible so we can talk through the support options available.”
Commonwealth Bank announced that the effective date of their variable rate increase will be March 27, with CBA Group Executive Anguse Sullivan stating: “We recognise interest rate changes can put additional pressure on household budgets and influence how people plan and manage their finances.”
Yellow Brick Road’s Executive Chairman, Mark Bouris, said borrowers should expect lenders to move quickly following the decision. He said the RBA’s decision ultimately comes back to inflation still sitting above their 2-3% target range.
“Inflation is nowhere near where they want it to be, and that’s enough reason for them to put interest rates up.”
Looking ahead, Bouris noted that markets are already pricing in further increases.
“The money markets are predicting at least two more rate rises this year.”
That could keep pressure on mortgage holders, with rates remaining elevated across the market.
“That translates into a six-plus percent interest rate at the retail level for a mortgage holder.”
What this means for borrowers
While the RBA sets the direction, lenders decide how and when those changes are applied. So far, the major banks have confirmed they will pass on the increase in full, with changes taking effect from late March through to early April.
Many other lenders are yet to announce their position, which means borrowers may see different outcomes depending on who their loan is with. That’s why it’s important to stay across any updates from your lender and understand how your repayments may be affected.
If your lender has already confirmed a rate change, it might be worth reviewing how your loan compares to the current market. If they haven’t announced yet, it’s likely a decision will be made in the coming days.
If you would like to understand whether the RBA’s decision may affect your borrowing capacity or monthly repayments, contact your local Yellow Brick Road mortgage broker for a personalised review.
Our team is here to support you with your home loan needs.
