Macquarie Bank and Teachers Mutual Bank Limited have moved quickly to pass on the Reserve Bank of Australia’s (RBA) fifth cash rate increase of 2026 in full. Both are lifting home loan rates by 0.25% this month, but on different timelines.
Teachers Mutual’s increase takes effect on 12 November, while Macquarie borrowers have until 19 November. Both lenders are also raising savings rates by the same amount, so depositors will benefit while borrowers face higher repayments.
The pressure on borrowers is already showing. A Canstar survey found one in 10 mortgage holders say they won’t be able to meet the higher repayments, and the increase is set to end sub-6% variable rates, as Australian Broker reported.
Macquarie said it was again holding off for more than two weeks before raising its home loan reference rates, to give customers time to prepare.
“With household budgets already feeling the strain, today’s decision by the RBA will be challenging for many Australians,” said Ben Perham, head of personal banking at Macquarie Bank.
Teachers Mutual will apply the increase across all five of its retail brands: Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, and UniBank. Business loans under the Australian Mutual Bank brand will also rise by 0.25%.
“With today’s announcement, the official cash rate has increased five times this year,” said Greg Johnson, Teachers Mutual Bank Limited’s chief customer officer.
On the deposit side, Macquarie’s Savings Account will pay an ongoing rate of 5.5% on balances up to $250,000 from 19 November, and its Transaction Account will rise to 3.25%. Most of Teachers Mutual’s savings rates will rise on 12 November.
Both lenders encouraged borrowers worried about higher repayments to get in touch early. Macquarie said customers could apply for financial assistance online, with its specialist team available to provide tailored support. Teachers Mutual said its Member Assist team could work through personalised support options.
“I encourage any member feeling under pressure to talk to us early,” Johnson said.
More lenders are expected to follow, with Canstar expecting the big four banks to pass on the increase on 13 November. For brokers, the main opportunity is the gap between back-book and new rates. Canstar estimates an owner-occupier who hasn’t renegotiated in five years could soon be paying around 7.34%, while competitive rates are expected to stay below 6.5%.
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