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

Posted: 1 October 2019 2:42 pm
News

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
3.02%
3.04%
$0
$0 p.a.
90%
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.
2.84%
2.80%
$0
$0 p.a.
80%
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.
2.84%
2.84%
$0
$0 p.a.
80%
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.
3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
2.84%
2.97%
$600
$10 monthly ($120 p.a.)
70%
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

Aussie Home Loans Logo

Enter your details below to receive an obligation-free quote from an Aussie mortgage broker today

By submitting this form, you agree to the Finder Privacy and Cookies Policy and Terms of Use

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

By submitting this form, you agree to the finder.com.au Privacy and Cookies Policy, Terms of Use, Disclaimer & Privacy Policy and the Aussie privacy policy.

Aussie is both a lender and a mortgage broker, and offers a range of services.

  • FREE Suburb and Property Report with every appointment.
  • Access 3,000+ loans from over 20 lenders.
  • Get expert help with your loan application, including paperwork and eligibility.

Aussie Home Loans Lender Logos

The Adviser’s number 1 placed mortgage broker 5 years running (2013-2017)

Latest home loans headlines

Get more from Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site