Investors and interest rates: two hiking cycles
New investor loan commitments ($bn a quarter, seasonally adjusted) against the RBA cash rate, 2018 to 2026. Data as at June quarter 2026 (lending).
Quick answer
In the 2022–23 hikes, investor lending fell 32% in a year, from $32.7bn to $22.3bn a quarter, then recovered while rates held. It reached a series high of $42.7bn after the 2025 cuts and has fallen 13% in the first half of 2026.
The data (35 quarters)
| Quarter | Investor lending ($bn a quarter) | Cash rate (%) |
|---|---|---|
| Sep qtr 2026 | – | 4.60% |
| Jun qtr 2026 | $37.1bn | 4.35% |
| Mar qtr 2026 | $41.3bn | 4.10% |
| Dec qtr 2025 | $42.7bn | 3.60% |
| Sep qtr 2025 | $39.9bn | 3.60% |
| Jun qtr 2025 | $34.3bn | 3.85% |
| Mar qtr 2025 | $32.8bn | 4.10% |
| Dec qtr 2024 | $32.4bn | 4.35% |
| Sep qtr 2024 | $33.5bn | 4.35% |
| Jun qtr 2024 | $31.7bn | 4.35% |
| Mar qtr 2024 | $28.1bn | 4.35% |
| Dec qtr 2023 | $26.5bn | 4.35% |
| Sep qtr 2023 | $24.5bn | 4.10% |
| Jun qtr 2023 | $23.1bn | 4.10% |
| Mar qtr 2023 | $22.3bn | 3.60% |
| Dec qtr 2022 | $23.1bn | 3.10% |
| Sep qtr 2022 | $25.4bn | 2.35% |
| Jun qtr 2022 | $29.5bn | 0.85% |
| Mar qtr 2022 | $32.7bn | 0.10% |
| Dec qtr 2021 | $30.5bn | 0.10% |
| Sep qtr 2021 | $27.7bn | 0.10% |
| Jun qtr 2021 | $23.9bn | 0.10% |
| Mar qtr 2021 | $20.1bn | 0.10% |
| Dec qtr 2020 | $16.1bn | 0.10% |
| Sep qtr 2020 | $14.3bn | 0.25% |
| Jun qtr 2020 | $12.2bn | 0.25% |
| Mar qtr 2020 | $14.8bn | 0.25% |
| Dec qtr 2019 | $15.2bn | 0.75% |
| Sep qtr 2019 | $14.5bn | 1.00% |
| Jun qtr 2019 | $12.9bn | 1.25% |
| Mar qtr 2019 | $13.6bn | 1.50% |
| Dec qtr 2018 | $15.3bn | 1.50% |
| Sep qtr 2018 | $16.9bn | 1.50% |
| Jun qtr 2018 | $17.8bn | 1.50% |
| Mar qtr 2018 | $19.0bn | 1.50% |
Shaded: rate-hiking periods. Cash rate at quarter end; it rose to 4.85% on 4 November 2026. Lending excludes refinancing. Source: ABS Lending Indicators; RBA cash rate target. Data as at June quarter 2026 (lending).
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