FULL ROUNDUP: Which banks are passing on the August RBA interest rate cut?

Angus Kidman 2 August 2016 NEWS

RatesCutHairCut

We've rounded up details of every announced interest rate change.

See which lenders have passed on the full rate cut

August's RBA cut, brought on by the weakest inflation reading in 17 years, has bought Australia's official cash rate to a new low of 1.50%. Which banks have reflected that change in their variable home loan rate? We've rounded up the details of every announcement in the table below.

We'll be updating this list as additional banks get on board, so keep checking back.

Some banks are likely to only pass on part of the rate cut, especially as most had already trimmed rates in May. Commonwealth Bank confirmed this expectation, announcing it would pass on 13 basis points of the 0.25% cut. The bank was the first of the majors to announce. NAB became the second major to move, passing on a 0.10% cut. ANZ followed with a 12 basis point cut followed by Westpac with 14 basis points. Bank Australia was the first lender to announce that it would pass on the full 25 basis point cut.

The base rate only represents part of the total cost of a home loan, so it's essential that you compare home loan rates and fees to find the best deal.

We've listed all the banks and financial institutions with announced changes below. You can click on any column to sort. Click at the top of the "Effective date" column to see all the changes announced so far grouped together.

Lender August Rate cut New rate Effective date Days after announcement May rate cut
Adelaide Bank 0.10% 4.39% - SmartFit 29 Aug 27 0.17%
AMP 0.10% 5.43% - Classic Club 22 Aug 20 0.20%
ANZ 0.12% 5.25% 12 Aug 10 0.19%
Aussie Home Loans 0.10% - 0.15%^^ 12-23 Aug^^ - 0.19%
Australian Military Bank 0.10% 4.74% - Value Home Loan 1 Sep 30 0.25%
Australian Unity 0.10%^* 4.64% 13 Aug^* - 0.20%
AusWide Bank 0.10% 5.33% 26 Aug 24 0.20%
B & E Personal Banking 0.12% 5.12% 1 Sep 30 0.20%
Bank Australia 0.25% 4.74% 5 Aug 3 0.10%
Bank of Melbourne 0.13% 5.22% 23 Aug 21 0.25%
Bank of Queensland 0.15% 5.46% 31 Aug 29 0.25%
Bank of Sydney 0.25% 5.59% 3 Aug 1 0.27%
bankSA 0.13% 5.29% 23 Aug 21 0.25%
BankVic 0.15% 4.59% 22 Aug 20 0.25%
Bankwest 0.10% 5.35% 23 Aug 21 0.20%
Beyond Bank 0.10% - 0.14% 5.10% 16 Aug 14
Bendigo Bank 0.10% 5.38% 29 Aug 27 0.20%
Big Sky 0.10% 5.07% 30 Aug 28 0.25%
Catalyst Money 0.10%^* 4.05% 1 Sep 30
Citibank 0.15% 5.58% 23 Aug 21 0.21%
Coastline CU 0.15% 4.94% 12 Aug 10 0.25%
Commonwealth Bank 0.13% 5.22% 19 Aug 17 0.25%
Community First Credit Union TBA TBA -
Credit Union SA 0.10%## 3.89% 17 Aug 15 0.10%
CUA 0.10% - 0.12%* 4.69% 18 Aug 16 0.25%
Defence Bank 0.10% 5.24% 24 Aug 22 0.25%
Easy Street TBA TBA -
Family First Credit Union TBA TBA -
First Option CU 0.11% - 0.25%^ 4.99% 1 Sep 30 0.25%
Firstmac 0.13% 20 Aug 18 0.25%
Freedom Lend 0.10%^^^ 3.53% 18 Aug 16
G&C Mutual 0.10% - 0.15% 5.15% 5 Aug 3 0.12%
Gateway Credit Union 0.13% 4.97% 18 Aug 16
Greater Bank 0.10% 4.65% 8 Aug 6 0.25%
Heritage Bank 0.10% 5.04% 24 Aug 22 0.20%
Homeloans.com.au 0.10% 19 Aug 17
Homestar Finance 0.25% 3.48% 2 Aug 0 0.25%
Horizon Credit Union 0.10%^* 4.99% 1 Sep 30
HSBC 0.12% 5.23% 22 Aug 20 0.25%
Hume Bank 0.10% 5.10% 15 Aug 13
Hunter United 0.14% for Basic Variable (0.16% for Platinum) 4.85% 1 Sep 30 0.25%
Illawarra Credit Union Home Loans 0.10% 4.05% 31 Aug 29
IMB 0.10% 4.99% 24 Aug 22 0.20%
iMortgage 0.10% 3.99% - Essential OO LVR < 80% 8 Aug 6
ING DIRECT 0.12% (Orange Adavantage, 0.10% all others) 3.67% - Orange Advantage 15 Aug 13 0.25%
Liberty Financial 0.10% - 0.20% 29 Aug 27
Loans.com.au 0.13%# 20 Aug# 18 0.25%
Macquarie Bank 0.10% - 0.20% 8 Aug 6
Maitland Mutual Building Society See The Mutual below TBA - 0.25%
ME Bank 0.10% 4.93% - Flexible 23 Aug 21 0.05%
Mortgage Ezy TBA TBA -
Mortgage House 0.10% 10 Aug 8 0.25%
MOVE 0.10 - 0.20% 4.85% 1 Sep 30
MyRate TBA TBA -
MyState Financial 0.10% 5.11% 30 Aug 28
NAB 0.10% 5.25% 19 Aug 17 0.25%
Newcastle Permanent Building Society 0.10% 4.95% 19 Aug 17 0.25%
Northern Inland Credit Union 0.15% 5.33% 1 Sep 30
Pacific Mortgage Group 0.10% 3.60% 17 Aug 15 0.25%
P&N Bank 0.26% (& Home Loan)0.25% (other loans) 4.64% - Smooth LVR < 80% 26 Aug 24 0.14%
People's Choice Credit Union 0.13% 5.21% 19 Aug 17 0.21%
Pepper 0.15% 29 Aug 27
Plan Lending 0.10%^* 3.86% TBA -
Police Credit Union TBA TBA -
QBank 0.15% 4.89% 19 Aug 17
QT Mutual Bank 0.15%^** 4.92% 23 Aug 21
Qudos Bank (formerly Qantas Credit Union) 0.10% 22 Aug 20 0.25%
Queensland Country Credit Union 0.10% 5.14% 15 Aug 13 0.25%
Queenslanders Credit Union 0% - N/A -
RAMS 0.10% 5.20% 23 Aug 21 0.25%
Real Home Loans TBA TBA -
Reduce Home Loans 0.10% (existing customers)0.25% (new customers) 3.35% - Rate Buster 4 Aug 2 0.25%
Regional Australia Bank 0.12% 5.22% 1 Sep 30
SCU 0.12% 5.00% 15 Aug 13 0.20%
St.George Bank 0.14% 5.30% 23 Aug 21 0.25%
State Custodians 0.10% 3.64% 31 Aug 29 0.25%
Suncorp 0.10% 5.40% 24 Aug 22 0.20%
Teacher's Mutual Bank 0.12% 5.11% 1 Sep 30 0.25%
The Mutual 0.10% 4.98% 29 August 27 0.25%
The Rock Building Society 0.10% 5.61% 30 Aug 28 0.23%
UBank 0.10% 4.36% 19 Aug 17 0.25%
Virgin Money 0.25% 3.69% - Reward Me 8 Aug 6 N/A
Vow TBA TBA TBA -
WAW TBA TBA TBA -
Western City Credit Union TBA TBA TBA -
Westpac 0.14% 5.29% 23 Aug 21 0.25%
WSCU 0.10% 4.99% 1 Sep 30 0.25%
Yellow Brick Road 0.10%** 5.29% 26 Aug 24 0.25%

Compare home loan rates from 3.63%

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59 Responses

  1. Default Gravatar
    KarenSeptember 2, 2016

    Do you know if Aussie home loans have passed on the August interest rate cut to existing customers

    • finder Customer Care
      MaySeptember 13, 2016Staff

      Hi Karen,

      Thanks for your inquiry.

      Aussie has not actually confirmed yet if they have passed on the August interest rate for their existing customers. But they already confirmed for new customers. If you wish to verify, it’s best to inquire with Aussie directly.

      Cheers,
      May

  2. Default Gravatar
    DesAugust 31, 2016

    I have four brokered YBR home loans which are with Macquarie. Macquarie have only passed on the 0.1% rate reduction on one of my four loans even though all four loans are the same type.

    So far they are not willing to a pass on the rate cut to all four loans and will not explain why. Are you aware of this happening to other people or is it unique to Macquarie home loans. Time to refinance me thinks!

    • finder Customer Care
      MarcSeptember 1, 2016Staff

      Hi Des,
      thanks for the comment.

      This is very interesting (and obviously frustrating for you). I have not heard of this happening with Macquarie or other lenders before, but maybe someone else reading this has had a similar experience?

      Thanks again for the note,
      Marc.

  3. Default Gravatar
    August 31, 2016

    There are still a number of credit unions including mine that have not been updated on this list. Did someone loose interest in updating the list or haven’t these CU’s passed on any of the decrease?

    • finder Customer Care
      MarcSeptember 1, 2016Staff

      Hi harro1!

      Thanks for stopping by. Unfortunately many credit unions didn’t announce their changes until today, where they changed their rates for new customers. Which credit union in particular were you looking at?

      Regards,
      Marc.

    • Default Gravatar
      September 3, 2016

      Move Credit Union but I’m more interested in how their reduction compared to other credit unions.

  4. Default Gravatar
    PeevedAugust 30, 2016

    Hi Marc

    Just received Notice from Reduce home loans, they are only passing on 0.10%, owner occupied. Effective 20 September 2016

    It appears the full cut they boast about is only for new customers.

    • finder Customer Care
      MarcSeptember 1, 2016Staff

      Hi Peeved!

      Thanks for the feedback.

      I’ve updated our page to reflect this information.

      Regards,
      Marc.

  5. Default Gravatar
    StevenAugust 20, 2016

    Hi.
    Please update beyond bank.
    They have only passed on .10% not the .14% as listed above.

    • finder Customer Care
      MarcAugust 23, 2016Staff

      Hi Steven,
      thanks for the update!

      The Beyond Bank website lists the change as 0.14% for owner occupiers and 0.10% for investors. Could you confirm the 0.10% was for an owner occupier loan?

      Thanks again,
      Marc.

  6. Default Gravatar
    VKAugust 14, 2016

    Any ideas what Liberty are planning to do?

    • finder Customer Care
      MarcAugust 15, 2016Staff

      Hi VK,
      thanks for the question.

      I haven’t seen any indication of changes yet from Liberty. We’re monitoring them though so will let you know as soon as we see any changes.

      Cheers,
      Marc.

  7. Default Gravatar
    VinAugust 12, 2016

    Hi team,

    Can you please add FreedomLend to the above list and update their interest changes

    Thanks

    • finder Customer Care
      MarcAugust 15, 2016Staff

      Hi Vin,
      thanks for the suggestion!

      I’ve added them into the list and will monitor them for changes.

      Cheers,
      Marc.

  8. Default Gravatar
    RobAugust 12, 2016

    Could you please add WAW Credit Union to the list.

    Thanks for the great service, extremely comprehensive and a great resource for the community

    Rob

    • finder Customer Care
      MarcAugust 12, 2016Staff

      Thanks for the kind words Rob, I’ve added in WAW to the list. I can’t see any changes with their rates so far, but will update this as soon as we see a change.

  9. Default Gravatar
    JoeAugust 11, 2016

    Hi Marc,
    Just wondering if there is any word on Aussie Home Loans yet?

    Good work getting all this information together!

    Cheers
    Joe

    • finder Customer Care
      MarcAugust 12, 2016Staff

      Hi Joe,
      thanks for stopping by!

      It looks like Aussie have dropped their rates by between 0.15% – 0.20% for new borrowers, although I haven’t seen any correspondence to confirm this for existing borrowers. I will add a note to the table and continue to investigate today.

      Cheers,
      Marc!

  10. Default Gravatar
    GozAugust 11, 2016

    Yellow Brick Road reduced by .10%…effective date 26th of August

    • finder Customer Care
      MarcAugust 12, 2016Staff

      Hi Goz,
      thanks for the heads up!

      I’ve updated them in the table, it seem as though YBR has discounted their rates for new customers (particularly the Rate Smasher Home Loan) by 0.14%.

      Thanks again,
      Marc.

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