The Big Four and many other lenders drop mortgage rates as the cash rate falls
The cash rate has fallen by 0.25%. Here are the lenders passing on the cut to borrowers.
A cut to the RBA cash rate has sent variable rates falling as lenders pass on cheaper borrowing costs to consumers.
For buyers looking to get a mortgage this is good news. Lower rates on offer means better deals and lower repayments. And if you already have a mortgage it's vital that you see if your lender has passed on the cut. If not, it's time to think about refinancing your loan.
Who is cutting rates?
| Lender | Cut (basis points) | Effective date | Standard variable rate | Lowest variable offer |
|---|---|---|---|---|
| Commonwealth Bank | -0.25 | June 25 | 5.12% | 3.54% |
| ANZ | -0.18 | June 14 | 5.18% | 3.63% |
| Westpac | -0.20 | June 18 | 5.18% | 3.78% |
| NAB | -0.25 | June 25 | 5.11% | 3.54% |
| St.George | -0.20 | June 18 | 5.16% | 3.63% |
| Bank of Melbourne | -0.20 | June 18 | 5.14% | 3.59% |
| Bank SA | -0.20 | June 18 | 5.15% | 3.59% |
| Athena Home Loans | -0.25 | June 4 | 3.34% | |
| Reduce Home Loans | -0.25 | June 4 | 3.19% | |
| Community First Bank | -0.10 | June 3 | 3.59% | |
| Credit Union SA | -0.20 | June 3 | 3.59% | |
| Homestar | -0.25 | June 4 | 3.24% | |
| RACQ | -0.25 | June 12 | 3.44% | |
| Greater Bank | -0.25 | June 11 | 3.57% | |
| Bank of Queensland | -0.25 | June 25 | 3.44% | |
| Virgin Money | -0.22 | June 25 | 3.47% | |
| Newcastle Permanent | -0.25 | June 17 | 3.47% | |
| ING | -0.25 | June 25 | 3.34% | |
| Macquarie Bank | -0.25 | June 21 | 3.34% | |
| Suncorp | -0.20 | June 21 | 3.44% | |
| RAMS | -0.20 | June 18 | 5.21 | 3.21% |
| IMB | -0.25 | June 21 | 3.54% | |
| ME Bank | -0.25 | June 27 | 3.54% |
*This table will be updated as more rate cuts are announced. Cuts are for variable owner occupier rates only and won't necessarily affect all of a lender's products. Rates in the lowest offers column may not be available until the effective date.
How can I take advantage of a cut to the cash rate?
Even if your lender is cutting rates there's no guarantee they're cutting your rate. Here's what you need to do:
- Check your interest rate then check your lender's website. Is your lender offering a lower rate to new customers?
- Compare the latest rates from across the market. There might be much lower rates offered by other lenders.
- Ask your lender to pass on the rate cut to you. It never hurts to ask.
- If they won't offer you a better deal then find a lower rate and refinance your mortgage.
Refinancing takes a bit of work. You need to find a new mortgage, apply for it and collect all your paperwork. But once you get approved your new lender takes care of the rest. And the savings can be significant.
