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

Angus Kidman 2 August 2016

RatesCutHairCut_Shutterstock

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.

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LenderAugust Rate cutNew rateEffective dateDays after announcementMay rate cut
Adelaide Bank0.10%4.39% - SmartFit29 Aug270.17%
AMP0.10%5.43% - Classic Club22 Aug200.20%
ANZ0.12%5.25%12 Aug100.19%
Aussie Home Loans0.10% - 0.15%^^12-23 Aug^^-0.19%
Australian Military Bank0.10%4.74% - Value Home Loan1 Sep300.25%
Australian Unity0.10%^*4.64%13 Aug^*-0.20%
AusWide Bank0.10%5.33%26 Aug240.20%
B & E Personal Banking0.12%5.12%1 Sep300.20%
Bank Australia0.25%4.74%5 Aug30.10%
Bank of Melbourne0.13%5.22%23 Aug210.25%
Bank of Queensland0.15%5.46%31 Aug290.25%
Bank of Sydney0.25%5.59%3 Aug10.27%
bankSA0.13%5.29%23 Aug210.25%
BankVic0.15%4.59%22 Aug200.25%
Bankwest0.10%5.35%23 Aug210.20%
Beyond Bank0.10% - 0.14%5.10%16 Aug14
Bendigo Bank0.10%5.38%29 Aug270.20%
Big Sky0.10%5.07%30 Aug280.25%
Catalyst Money0.10%^*4.05%1 Sep30
Citibank0.15%5.58%23 Aug210.21%
Coastline CU0.15%4.94%12 Aug100.25%
Commonwealth Bank0.13%5.22%19 Aug170.25%
Community First Credit UnionTBATBA-
Credit Union SA0.10%##3.89%17 Aug150.10%
CUA0.10% - 0.12%*4.69%18 Aug160.25%
Defence Bank0.10%5.24%24 Aug220.25%
Easy StreetTBATBA-
Family First Credit UnionTBATBA-
First Option CU0.11% - 0.25%^4.99%1 Sep300.25%
Firstmac0.13%20 Aug180.25%
Freedom Lend0.10%^^^3.53%18 Aug16
G&C Mutual0.10% - 0.15%5.15%5 Aug30.12%
Gateway Credit Union0.13%4.97%18 Aug16
Greater Bank0.10%4.65%8 Aug60.25%
Heritage Bank0.10%5.04%24 Aug220.20%
Homeloans.com.au0.10%19 Aug17
Homestar Finance0.25%3.48%2 Aug00.25%
Horizon Credit Union0.10%^*4.99%1 Sep30
HSBC0.12%5.23%22 Aug200.25%
Hume Bank0.10%5.10%15 Aug13
Hunter United0.14% for Basic Variable (0.16% for Platinum)4.85%1 Sep300.25%
Illawarra Credit Union Home Loans0.10%4.05%31 Aug29
IMB0.10%4.99%24 Aug220.20%
iMortgage0.10%3.99% - Essential OO LVR < 80%8 Aug6
ING DIRECT0.12% (Orange Adavantage, 0.10% all others)3.67% - Orange Advantage15 Aug130.25%
Liberty Financial0.10% - 0.20%29 Aug27
Loans.com.au0.13%#20 Aug#180.25%
Macquarie Bank0.10% - 0.20%8 Aug6
Maitland Mutual Building SocietySee The Mutual belowTBA-0.25%
ME Bank0.10%4.93% - Flexible23 Aug210.05%
Mortgage EzyTBATBA-
Mortgage House0.10%10 Aug80.25%
MOVE0.10 - 0.20%4.85%1 Sep30
MyRateTBATBA-
MyState Financial0.10%5.11%30 Aug28
NAB0.10%5.25%19 Aug170.25%
Newcastle Permanent Building Society0.10%4.95%19 Aug170.25%
Northern Inland Credit Union0.15%5.33%1 Sep30
Pacific Mortgage Group0.10%3.60%17 Aug150.25%
P&N Bank0.26% (& Home Loan)0.25% (other loans)4.64% - Smooth LVR < 80%26 Aug240.14%
People's Choice Credit Union0.13%5.21%19 Aug170.21%
Pepper0.15%29 Aug27
Plan Lending0.10%^*3.86%TBA-
Police Credit UnionTBATBA-
QBank0.15%4.89%19 Aug17
QT Mutual Bank0.15%^**4.92%23 Aug21
Qudos Bank (formerly Qantas Credit Union)0.10%22 Aug200.25%
Queensland Country Credit Union0.10%5.14%15 Aug130.25%
Queenslanders Credit Union0% -N/A-
RAMS0.10%5.20%23 Aug210.25%
Real Home LoansTBATBA-
Reduce Home Loans0.10% (existing customers)0.25% (new customers)3.35% - Rate Buster4 Aug20.25%
Regional Australia Bank0.12%5.22%1 Sep30
SCU0.12%5.00%15 Aug130.20%
St.George Bank0.14%5.30%23 Aug210.25%
State Custodians0.10%3.64%31 Aug290.25%
Suncorp0.10%5.40%24 Aug220.20%
Teacher's Mutual Bank0.12%5.11%1 Sep300.25%
The Mutual0.10%4.98%29 August270.25%
The Rock Building Society0.10%5.61%30 Aug280.23%
UBank0.10%4.36%19 Aug170.25%
Virgin Money0.25%3.69% - Reward Me8 Aug6N/A
VowTBATBATBA-
WAWTBATBATBA-
Western City Credit UnionTBATBATBA-
Westpac0.14%5.29%23 Aug210.25%
WSCU0.10%4.99%1 Sep300.25%
Yellow Brick Road0.10%**5.29%26 Aug240.25%

Conditions and restrictions

*CUA is reducing their Standard Variable and Rate Breaker Package rates by 0.12%, and cutting the Basic Variable, Fresh Start Basic Variable, Fresh Start Variable and Fresh Start Access Variable by 0.10%

^0.11% cut on Packaged Home Loan < $600K, Standard Variable and Smart Start Home Loan <$600K. 0.25% cut on Package Home Loan > $600K and Smart Start Home Loan >$600K.

^^ Not confirmed for existing customers. Only confirmed for new customers.

** Rate Smasher Home Loan discounted by 0.14% but not confirmed for existing customers

#For existing customers. New interest rates discounted by 0.10 - 0.15% effective 12 August.

^* Only confirmed for new customers.

## Only confirmed for new customers.

^^^Only confirmed for new customers.

^**Owner occupier rates only

Compare home loan rates from 3.63%

Picture: Shutterstock

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

  1. Default Gravatar
    Karen | September 2, 2016

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

    • Staff
      May | September 13, 2016

      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
    Des | August 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!

    • Staff
      Marc | September 1, 2016

      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?

    • Staff
      Marc | September 1, 2016

      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
    Peeved | August 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.

    • Staff
      Marc | September 1, 2016

      Hi Peeved!

      Thanks for the feedback.

      I’ve updated our page to reflect this information.

      Regards,
      Marc.

  5. Default Gravatar
    Steven | August 20, 2016

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

    • Staff
      Marc | August 23, 2016

      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
    VK | August 14, 2016

    Any ideas what Liberty are planning to do?

    • Staff
      Marc | August 15, 2016

      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
    Vin | August 12, 2016

    Hi team,

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

    Thanks

    • Staff
      Marc | August 15, 2016

      Hi Vin,
      thanks for the suggestion!

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

      Cheers,
      Marc.

  8. Default Gravatar
    Rob | August 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

    • Staff
      Marc | August 12, 2016

      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
    Joe | August 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

    • Staff
      Marc | August 12, 2016

      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
    Goz | August 11, 2016

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

    • Staff
      Marc | August 12, 2016

      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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