Australia · Last RBA decision 3 November 2026
The RBA raised the cash rate by 25 basis points to 4.85%.
On 3 November 2026 the Reserve Bank’s Monetary Policy Board decided to lift the cash rate target from 4.60% to 4.85%, effective 4 November 2026. The cash rate is what banks charge each other overnight. It is not your home loan rate. But most Australian home loans are variable, so lenders usually pass a move on within weeks.
New: What the 3 November 2026 decision means for your home loan and savings →
If a lender passes the full 25 basis points on to an example $600,000 variable loan
- Starting rate: RBA average outstanding owner-occupier variable rate, August 2026 (6.20%), plus 0.25 pt for the September 2026 rise, which took effect after the latest F6 month, passed on in full6.45%
- Same loan after a full pass-through6.70%
- Monthly repayment, 30-year principal and interest$3,773 → $3,872
- Change per month+$99
- Change per fortnight (fortnightly repayments)+$46
Example loan only, in Australian dollars. Your lender sets your rate and decides how much of an RBA move to pass on, and when. Rate source: RBA Statistical Table F6, Housing Lending Rates (series FLRHOOVA), August 2026. Decision: RBA media release 2026-30, 3 November 2026. See the worked maths.
RBA rate board
| What | Now | Notes and source |
|---|---|---|
| Cash rate target | 4.85% | Set by the RBA Monetary Policy Board. In effect from 4 November 2026. RBA cash rate target table. |
| Last decision | +0.25 pts | 3 November 2026, from 4.60%. Decision was by majority (6 to 3). Statement · Statement on Monetary Policy. |
| Average variable home loan rate | 6.2% | Outstanding owner-occupier variable loans, all lenders, August 2026 (before the September and November 2026 rises). RBA Table F6. |
| Next RBA meeting | 7–8 December 2026 | Decision due 8 December 2026 at 2.30 pm AEDT (2.00 pm Adelaide time). RBA meeting schedule. |
What an RBA decision means for you
Variable home loans. Most Australian mortgages are variable. When the cash rate rises, lenders usually lift their variable rates by a similar amount within a few weeks and write to you with a new repayment. When it falls, they usually pass on a cut, though not always all of it.
Fixed loans. A fixed rate does not change until the fixed term ends. Fixed rates for new loans are priced off longer-term market rates, which often move ahead of the RBA.
Savings. Banks set savings rates. Many move with the cash rate, some lag, and bonus rates come with conditions. A rise in the cash rate is not a promise that your account rate will rise.
Offset and redraw. Money in an offset account saves interest at your loan rate, so a higher loan rate makes each offset dollar work a little harder.
General information only. It does not take your objectives, finances, or needs into account. Read your lender’s documents and consider getting advice from a licensed professional before you act. See Not advice.
Australian guides
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3 November 2026: the RBA lifts the cash rate to 4.85%
The fifth rise of 2026, on a 6 to 3 vote, and what it means for a variable home loan and savings.
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29 September 2026: the RBA lifts the cash rate to 4.60%
The fourth rise of 2026, and what 25 basis points does to a variable home loan.
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How the RBA cash rate works
An overnight rate between banks. It is not your home loan rate, but it pulls on it.
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What 25 basis points does to a variable home loan
The worked maths on an example $600,000 loan, monthly and fortnightly.
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The RBA and the Fed: how they differ
One target versus a range, eight meetings each, and why variable loans make Australia faster to feel a move.
All Australian guides · Home loan repayment calculator (AUD)
What the last decision means where you live: try the capital city tool. Long-run history: RBA cash rate charts. For journalists: data and downloads.
Upcoming RBA meetings
- 7–8 December 2026Decision 8 Dec 2026
- 8–9 February 2027Decision 9 Feb 2027
- 22–23 March 2027Decision 23 Mar 2027
- 3–4 May 2027Decision 4 May 2027
- 21–22 June 2027Decision 22 Jun 2027
- 9–10 August 2027Decision 10 Aug 2027
Statements are released at 2.30 pm Sydney time on the second day of each meeting. Source: RBA board meeting schedules for 2026 and 2027.