RBA cash rate cuts: All the lenders passing on March rate cuts to borrowers
With some mortgages dropping below 2.60%, here is every lender cutting rates and by how much.
This article was originally published on 3 March but has since been updated as more lenders have announced cuts to their variable interest rates.
With the Reserve Bank cutting the cash rate once again, variable home loan rates are falling. We're in unprecedented territory, with the cash rate at 0.50%.
The RBA cut the cash rate by 25 basis points. In interest rate terms, this means a 3.00% rate could now fall as low as 2.75%. But only if the lender passes on the cut.
The table below lists all the lenders we've found who are cutting their variable loan rates. We've listed the new lowest variable owner-occupier rate from each lender, how many basis points they are cutting by and the date the change comes into effect.
We will be updating the table below in the coming days.
Who is cutting rates, when and by how much?
|Lender||New rate||Change||Change effective|
|86 400||2.84%||-0.25||04 March|
|Commonwealth Bank||2.97%||-0.25||24 March|
|Bank of Melbourne||2.74%||-0.25||17 March|
|Macquarie Bank||2.84%||-0.25||10 March|
|Newcastle Permanent Building Society||2.94%||-0.25||24 March|
|RACQ Bank||2.87%||-0.17||11 March|
|Freedom Lend||2.54%||-0.25||03 March|
|Bank of Queensland||3.02%||-0.25||03 April|
|Virgin Money||2.82%||-0.17||03 April|
|Qudos Bank||2.83%||-0.25||23 March|
|People's Choice Credit Union||2.64%||-0.25||17 March|
|Community First||3.14%||-0.1||30 March|
|Australian Military Bank||3.06%||-0.25||26 March|
|P&N Bank||2.74%||-0.25||20 March|
|Bank Australia||2.53%||-0.25||24 March|
|Tic toc||2.54%||-0.25||6 March|
|Geelong Bank||3.22%||-0.25||1 April|
|Heritage Bank||2.87%||-0.2||25 March|
|Illawarra Credit Union||2.85%||-0.25||1 April|
|G&C Mutual Bank||2.64%||-0.15||10 March|
|Horizon Bank||3.04%||-0.25||10 March|
|Liberty Financial||2.99%||-0.25||10 March|
|Nova Alliance Bank||3.04%||-0.25||11 March|
|Bank of us||2.78%||-0.25||11 March|
|Beyond Bank||2.90%||-0.25||24 March|
|Goldfields Money||3.14%||-0.25||11 March|
Note that we've chosen the lowest variable owner-occupier rate for each lender above. But some of these rates are for borrowers with 30% deposits.
What if my lender isn't cutting rates?
Keep in mind three things:
- Your lender might not announce any cuts until a few days after the Reserve Bank cuts the cash rate.
- Your lender might not pass on the full cut, or any cut.
- If you're on a fixed rate, then you won't get any cut.
If you do your research and find that your lender isn't giving you a good deal then it's time to refinance. A better mortgage deal could save you thousands.