If your lender isn't cutting rates, it could be time to refinance for a better deal.
The Reserve Bank chose to leave the official cash rate on hold again this month, and it appears likely the RBA will remain sidelined well into next year. In spite of this, lenders have continued to chart their own course. Last month seven lenders in the finder.com.au database made changes to their rates, and those changes could have big implications to your hip pocket.
Even a slight change in rates could save you thousands over the life of your home loan. Check out the table below to see which lenders move on interest rates throughout the month of October. If your lender raises rates, or fails to cut them when other lenders are making downward moves, it could be time to look for a better deal on your home loan.
Major bank changes
| Lender | Change | Loans affected | Date effective |
|---|
| | | |
| | | |
| Lender | Change | Loans affected | Date effective |
|---|
| | | |
| | | |
Other lenders
| Lender | Change | Loans affected | Date effective |
|---|
| Bank of Melbourne | Down by 0.02% | Basic Promotional home loan (Owner Occupier, P&I) | Oct 23 |
| BankSA | Down by 0.02% | Basic Promotional home loan (Owner Occupier, P&I) | Oct 23 |
| Community First | Up by 0.25% | Honeymoon Home Loan - 1 Year Into (owner occupier, interest only) | Oct 12 |
| Community First | Up by 0.25% - 0.35% | Standard Variable (owner occupier, interest only), Accelerate Home Loan Package (owner occupier, interest only), Basic Variable (owner occupier, interest only) | Oct 26 |
| CUA | Down by 0.09% | Advance Variable Home Loan (Owner Occupier, P&I) | Oct 17 |
| Easy Street | Up by 0.25% | Honeymoon Home Loan - 1 Year Into (owner occupier, interest only) | Oct 12 |
| St.George | Down by 0.02% | Basic Promotional home loan (Owner Occupier, P&I) | Oct 23 |
| Tic:Toc | Down by 0.10% | Live-in Variable Rate Home Loan Owner Occupier | Oct 13 |
| Lender | Change | Loans affected | Date effective |
|---|
| Bankwest | Down by 0.22% - 0.26% | Complete Home Loan Package Fixed - 2 Years Fixed (LVR <90%, owner occupier + investor, principal and interest) | Oct 18 |
| Bank of Melbourne | Down by 0.20% | Standard Fixed Rate 2 Year (Investor, P&I) | Oct 23 |
| BankSA | Down by 0.20% | Standard Fixed Rate 2 Year (Investor, P&I) | Oct 23 |
| Bendigo Bank | Down 0.10% -0.20% | Bendigo Bank Fixed Rate Home Loan - 1, 2, 3, 4, 5, Years (investor p&i + io), Bendigo Bank Connect Fixed Rate Home Loan - 1, 2, 3, 4, 5, Years (investor p&i + io), Bendigo Bank Basic Fixed Rate Home Loan - 1, 2, 3, 4, 5, Years (investor p&i + io) | Oct 4 |
| Community First | Up 0.15% - 0.25% | Fixed Rate Home Loan - 1, 2, 3 Years Fixed (owner occupier + investor, principal and interest + interest only) | Oct 12 |
| CUA | Down 0.20% | Fixed Rate Home Loan - 3 Years Fixed (investor), Premium Fixed Home Loan - 3 Years Fixed (investor) | Oct 12 |
| Easy Street | Up 0.15% - 0.35% | Fixed Rate Home Loan - 2, 3 Years Fixed (owner occupier + investor, principal and interest + interest only) | Oct 12 |
| IMB | Down 0.10% | IMB Fixed Rate Home Loan - 2 Year Fixed Rate (owner occupier p&i), IMB Platinum Package Fixed Home Loan - 2 Year Fixed Rate Home Loan (owner occupier) | Oct 4 |
| ING | Up 0.20% | Fixed Rate Home Loan - 3 Year Fixed Rate (Owner occupiers + Owner occupiers with Orange Advantage) | Oct 18 |
| Macquarie Bank | Down 0.11% | Basic Fixed Home Loan - 3 Years Fixed (LVR <80% up to $750k, Owner Occupier + principal and interest), Offset Home Loan Package - 3 Years Fixed (LVR <80% up to $750k, Owner Occupier + principal and interest) | Oct 16 |
| ME | Down 0.25% | Flexible Home Loan Fixed - 2 Years Fixed Rate (Investor, P&I), Flexible Home Loan Fixed with Members Package - 2 Years Fixed Rate (Investor, P&I) | Oct 19 |
| Northern Beaches Credit Union | Up 0.15% - 0.25% | Fixed Rate Home Loan - 1, 2, 3 Years (owner occupier + investor, principal and interest + interest only) | Oct 12 |
| St.George | Down by 0.20% | Standard Fixed Rate 2 Year (Investor, P&I) | Oct 23 |
| Ubank | Up 0.05% - 0.10% | UBank UHomeLoan - 3, 5 Year Fixed Rate (Investor p&i + io) | Oct 16 |
