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RBA cash rate cuts: All the lenders passing on March rate cuts to borrowers

Posted: 11 March 2020 9:00 am
News

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.

Some lenders, notably Athena, have passed on the full rate cut immediately. Westpac and CBA followed shortly after, passing on the full cut. NAB and ANZ weren't far behind.

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
Athena 2.59% -0.25 03 March
86 400 2.84% -0.25 04 March
Homestar 2.49% -0.25 03 March
Reduce 2.44% -0.2 03 March
Commonwealth Bank 2.97% -0.25 24 March
Westpac 2.93% -0.25 17 March
NAB 2.84% -0.25 13 March
BankSA 2.74% -0.25 17 March
Bank of Melbourne 2.74% -0.25 17 March
St.George 2.74% -0.25 17 March
loans.com.au 2.53% -0.25 26 March
ANZ 2.87% -0.25 13 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
RAMS 2.74% -0.25 17 March
UBank 2.59% -0.25 03 April
Freedom Lend 2.54% -0.25 03 March
Firstmac 3.38% -0.15 04 March
Bank of Queensland 3.02% -0.25 03 April
HSBC 2.65% -0.25 23 March
Virgin Money 2.82% -0.17 03 April
Suncorp 2.78% -0.25 20 March
Bankwest 2.80% -0.25 18 March
Aussie 2.74% -0.25 24 March
ING 2.74% -0.25 18 March
Resimac 2.81% -0.25 26 March
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
Auswide 2.99% -0.25 5 March
ME 2.79% -0.25 26 March
BankVic 2.89% -0.25 5 March
AMP 2.80% -0.25 30 March
MyState 2.83% -0.25 31 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
Bendigo 2.89% -0.25 27 March
Adelaide 2.81% -0.25 27 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
IMB 2.78% -0.25 24 March
Move 2.84% -0.1 2 March
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
ING 2.74% -0.25 18 March
Bank of us 2.78% -0.25 11 March
bcu 2.94% -0.25 1 April
Beyond Bank 2.90% -0.25 24 March
CUA 2.73% -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.

Switch to a more competitive home loan rate today

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2 Responses

  1. Default Gravatar
    RiyaMarch 4, 2020

    What is the rate of interest of CBA? Today, RBA already clashes the rate so let me know about the rate of CBA.

    • Default Gravatar
      NikkiMarch 5, 2020

      Hi Riya,

      Thanks for contacting Finder and I hope you are doing well.

      As of this writing, CBA’s lowest rate after the RBA cut will be 2.97% and it comes into effect on 24 March.

      I hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

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