FULL ROUNDUP: Which banks are passing on the August RBA interest rate cut?
We've rounded up details of every announced interest rate change.
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||Effective date||Days after announcement|
|Adelaide Bank||0.10%||29 Aug||27|
|Aussie Home Loans||0.10% - 0.15%^^||12-23 Aug^^||-|
|Australian Military Bank||0.10%||1 Sep||30|
|Australian Unity||0.10%^*||13 Aug^*||-|
|AusWide Bank||0.10%||26 Aug||24|
|B & E Personal Banking||0.12%||1 Sep||30|
|Bank Australia||0.25%||5 Aug||3|
|Bank of Melbourne||0.13%||23 Aug||21|
|Bank of Queensland||0.15%||31 Aug||29|
|Bank of Sydney||0.25%||3 Aug||1|
|Beyond Bank||0.10% - 0.14%||16 Aug||14|
|Bendigo Bank||0.10%||29 Aug||27|
|Big Sky||0.10%||30 Aug||28|
|Catalyst Money||0.10%^*||1 Sep||30|
|Coastline CU||0.15%||12 Aug||10|
|Commonwealth Bank||0.13%||19 Aug||17|
|Community First Credit Union||TBA||TBA||-|
|Credit Union SA||0.10%##||17 Aug||15|
|CUA||0.10% - 0.12%*||18 Aug||16|
|Defence Bank||0.10%||24 Aug||22|
|Family First Credit Union||TBA||TBA||-|
|First Option CU||0.11% - 0.25%^||1 Sep||30|
|Freedom Lend||0.10%^^^||18 Aug||16|
|G&C Mutual||0.10% - 0.15%||5 Aug||3|
|Gateway Credit Union||0.13%||18 Aug||16|
|Greater Bank||0.10%||8 Aug||6|
|Heritage Bank||0.10%||24 Aug||22|
|Homestar Finance||0.25%||2 Aug||0|
|Horizon Credit Union||0.10%^*||1 Sep||30|
|Hume Bank||0.10%||15 Aug||13|
|Hunter United||0.14% for Basic Variable (0.16% for Platinum)||1 Sep||30|
|Illawarra Credit Union Home Loans||0.10%||31 Aug||29|
|ING DIRECT||0.12% (Orange Adavantage, 0.10% all others)||15 Aug||13|
|Liberty Financial||0.10% - 0.20%||29 Aug||27|
|Macquarie Bank||0.10% - 0.20%||8 Aug||6|
|Maitland Mutual Building Society||See The Mutual below||TBA||-|
|ME Bank||0.10%||23 Aug||21|
|Mortgage House||0.10%||10 Aug||8|
|MOVE||0.10 - 0.20%||1 Sep||30|
|MyState Financial||0.10%||30 Aug||28|
|Newcastle Permanent Building Society||0.10%||19 Aug||17|
|Northern Inland Credit Union||0.15%||1 Sep||30|
|Pacific Mortgage Group||0.10%||17 Aug||15|
|P&N Bank||0.26% (& Home Loan)0.25% (other loans)||26 Aug||24|
|People's Choice Credit Union||0.13%||19 Aug||17|
|Police Credit Union||TBA||TBA||-|
|QT Mutual Bank||0.15%^**||23 Aug||21|
|Qudos Bank (formerly Qantas Credit Union)||0.10%||22 Aug||20|
|Queensland Country Credit Union||0.10%||15 Aug||13|
|Queenslanders Credit Union||0%||N/A||-|
|Real Home Loans||TBA||TBA||-|
|Reduce Home Loans||0.10% (existing customers)0.25% (new customers)||4 Aug||2|
|Regional Australia Bank||0.12%||1 Sep||30|
|St.George Bank||0.14%||23 Aug||21|
|State Custodians||0.10%||31 Aug||29|
|Teacher's Mutual Bank||0.12%||1 Sep||30|
|The Mutual||0.10%||29 August||27|
|The Rock Building Society||0.10%||30 Aug||28|
|Virgin Money||0.25%||8 Aug||6|
|Western City Credit Union||TBA||TBA||-|
|Yellow Brick Road||0.10%**||26 Aug||24|
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