The current setting
The cash rate is the rate on overnight lending between banks. Lenders set their own home loan rates and decide separately whether, when and by how much to pass a change on. This page does not forecast rates.
How the cash rate has moved
Cash rate target at each change since 2019, on the date it took effect. Source: Reserve Bank of Australia cash rate target table. The chart is a record, not a forecast.
| Effective | Rate | Change |
|---|---|---|
| 4 November 2026 | 4.85% | +0.25 |
| 30 September 2026 | 4.60% | +0.25 |
| 6 May 2026 | 4.35% | +0.25 |
| 18 March 2026 | 4.10% | +0.25 |
| 4 February 2026 | 3.85% | +0.25 |
| 13 August 2025 | 3.60% | −0.25 |
| 21 May 2025 | 3.85% | −0.25 |
| 19 February 2025 | 4.10% | −0.25 |
| 8 November 2023 | 4.35% | +0.25 |
| 7 June 2023 | 4.10% | +0.25 |
What a 0.25 point move does to your repayment
Enter the loan and the rate you actually pay. The figures show the monthly principal-and-interest repayment at that rate, and at 0.25 percentage points above and below it.
The rate pre-filled is an example for the arithmetic, not a rate on offer. Repayments assume monthly principal and interest over the years entered; interest-only and offset balances change the figures.
Common loan sizes at the rate entered
| Loan | Monthly now | Change per 0.25 pt | Change per 0.50 pt | Per 0.25 pt, each year |
|---|
What actually changes
Variable rate borrowers. The lender announces its own change, usually with an effective date two to three weeks after the Reserve Bank's decision, and the repayment moves from the next cycle after that. Some lenders leave the direct-debit amount where it is after a decrease and let the loan run ahead; it is worth checking which has happened on your account.
Fixed rate borrowers. Nothing changes until the fixed term ends. What matters is the variable rate you will roll to on that date, which is set then, not now. The refinance calculator shows what the roll-off looks like against alternatives.
New borrowers and anyone being reassessed. Lenders assess serviceability at a buffer above the rate you would pay, so a 0.25 point move in the actual rate moves the assessment rate by the same amount. On a typical application that is a few thousand dollars of borrowing capacity for every $100,000 of income; the borrowing capacity calculator shows the effect for your figures.
Investors. The repayment change lands against rental income that moves on its own timetable. The investment property calculator shows the weekly holding cost before and after a rate change.
If the repayment has changed
The calm sequence is: confirm your lender's new rate and the date it applies; check the repayment against the figure above; if the loan is variable and the rate now sits well above what the same lender offers new customers, that gap is a reason to ask, and a reason to compare. If the budget is tight after the change, a longer remaining term or a period of interest-only are structures a lender will consider on a conversation, and it is a better conversation before a payment is missed than after.
Understanding how a rate change reaches your loan, before the next decision rather than after it, puts you in a better position.