The Reserve Bank of Australia has increased the cash rate by 0.25 of a percentage point, now bringing the official rate to 3.1 per cent.
It's the bank's eighth straight rate rise since it started lifting the cash rate from a record low of 0.1 per cent in early May.
But while the mortgage rate rises were the same across the board, it's a different story for savings accounts.
Here's how the major banks have responded to the RBA's December decision so far.
Westpac Bank
Westpac became the first of the big four to respond to the RBA's December decision.
Mortgage rate: Variable home loan interest rates increased by 0.25 per cent from December 20.
Savings rates:
- Westpac Life: Total variable rate with bonus interest increased by 0.25 per cent to 3.75 per cent on December 16
- Westpac Spend&Save customers aged 18-29: Total variable rate increased by 0.35 per cent to 4.35 per cent on December 16
NAB
The second of the big four to respond to RBA's December decision.
Mortgage rate: The standard variable home loan interest rate increased by 0.25 per cent on December 16.
Unlike Westpac, NAB has not yet announced an increase to savings accounts.
ANZ
ANZ is the third big bank to increase interest rates for its variable home loan customers following the RBA's cash rate rise.
Mortgage rate: Variable home loan interest rates increased by 0.25 per cent from December 16.
Commonwealth Bank
CBA was the last of the big four to respond to the RBA's decision.
Mortgage rate: The bank will lift its home loan variable interest rates by 0.25 per cent from December 16.
How will this impact my mortgage repayments?
RateCiy estimates the average existing variable owner-occupier rate is now 5.61 per cent.
If you're dealing with mortgage stress, you can contact the National Debt Helpline 1800 007 007 to speak to a financial counsellor.
What's the advice for savers?
RateCity research director Sally Tindall's advice is to shop around.
"Don't just assume your bank is passing on the RBA hike each month," she said.
"Give your savings account a health check against the competition at least every other month.
"Savers should be aiming for an ongoing rate that's well over the cash rate, at a minimum.
"While these rates are becoming easier to find, customers are likely to have to be proactive to get them."
Will the RBA meet again this year?
No, the last meeting of the year was on December 6.
But the following RBA board meeting won't be until February 7.
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2022-12-06 09:10:59Z
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