All the lenders passing on the October 2019 cash rate cut (updated)

Posted: 1 October 2019 2:42 pm

A woman at her desk using a laptop.

The cash rate is now 0.75% and lenders are dropping variable rates below 3.00%.

The Reserve Bank of Australia has cut the cash rate for the third time in five months. Mortgage interest rates have never been so low and now they're going lower.

Here's a list of the lenders that are passing on the Reserve Bank's cash rate cut. Some lenders are passing on the full 0.25% cut immediately, some have specified a future date their cut will take effect and others are passing on some of the cut.

We are updating this list every time another lender announces a cut.

Who is cutting rates?

Lender Cut (basis points) Effective date Lowest variable offer
Reduce Home Loans -20 01 October 2.69%
Athena Home Loans -25 01 October 2.84%
Homestar -25 01 October 2.74%
Pepper -24 01 October 3.12%
Freedom Lend -25 02 October 2.79%
G&C Mutual Bank -50 02 October 2.79%
Auswide -25 03 October 3.24%
Yellow Brick Road -15 04 October 3.25%
Macquarie Bank -15 08 October 3.09%
Tic:Toc -15 08 October 2.84%
RACQ -15 08 October 3.04%
NAB -15 11 October 3.20%
ANZ -14 11 October 3.24%
AMP -15 14 October 3.14%
MyState -15 14 October 3.23%
Westpac -15 15 October 3.23%
Greater Bank -14 15 October 3.33%
Qudos Bank -15 15 October 3.14%
P&N Bank -16 - 25 15 October 2.99%
Heritage Bank -15 15 October 3.07%
Bankwest -13 - 25 16 October 3.26%
ING -15 16 October 2.99%
Suncorp -15 18 October 3.03%
HSBC -15 - 20 21 October 3.02%
Commonwealth Bank -13 22 October 3.27%
Bank Australia -10 22 October 3.25%
IMB -13 22 October 3.18%
Newcastle Permanent -13 22 October 3.17%
State Custodians -25 23 October 2.90%
ME Bank -15 24 October 3.19%
Bank of Queensland -10 25 October 3.29%
Virgin Money -15 25 October 3.14%
UBank -25 29 October 2.84%
CUA -13 29 October 3.20%

*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.

I have a mortgage: What should I do?

Start by checking your current interest rate and seeing if there are lower rates on offer for the same mortgage type. Then check if your lender is planning on cutting your rate any time soon.

If it isn't and there are better offers available, it's time to think about switching lenders. You could save a significant amount of money.

Finder's quick RBA cash rate cut tips

  1. Check your current interest rate
  2. Ask your lender for a lower rate (it never hurts to ask)
  3. Compare rates and look for a better deal
  4. Find a better deal and work out how much you can save
  5. Get your paperwork together and apply

Compare some competitive offers and switch

Rates last updated October 21st, 2019
% p.a.
Offset account
Split account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Maximum Insured LVR Amount Saved Short Description
$0 p.a.
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
$0 p.a.
Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.
$0 p.a.
This rate will drop to 2.84% p.a on 29 October 2019 for new and existing customers. Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
$0 p.a.
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
$10 monthly ($120 p.a.)
A very low variable interest rate for home buyers with a 30% deposit. This product has a 100% offset account.

Compare up to 4 providers

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