After over a decade of cutting the cash rate, the Reserve Bank of Australia (RBA) is forecast to hike the cash rate periodically over the next two years. Homeowners and would-be borrowers may be nervously wondering how high their home loan rates will go?
The big four banks have all cast their predictions for the next few years of cash rate movements. Experts from the big banks have forecast that for the average owner-occupier paying a variable rate, your home loan rate could reach 6.11% by early 2023.
These are just predictions, and the big banks are subject to change these forecasts. Figures are accurate at the time of publishing.
Big four bank’s cash rate forecasts
- CBA: 2.60% by November 2022, then 2.10% by November 2023
- Westpac: 3.35% by February 2023
- NAB: 2.85% by November 2022
- ANZ: 3.35% by November 2022