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

Posted: 1 October 2019 2:42 pm
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The cash rate is now 0.75% and lenders are dropping variable rates below 3.00%.

  • This article contains information about the October 2019 rate cut. Go here to the see which lenders are passing on the March 2020 cut.

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?

LenderCut (basis points)Effective dateLowest variable offer
Reduce Home Loans-2001 October2.69%
Athena Home Loans-2501 October2.84%
Homestar-2501 October2.74%
Pepper-2401 October3.12%
Freedom Lend-2502 October2.79%
G&C Mutual Bank-5002 October2.79%
Auswide-2503 October3.24%
Yellow Brick Road-1504 October3.25%
Macquarie Bank-1508 October3.09%
Tic:Toc-1508 October2.84%
RACQ-1508 October3.04%
NAB-1511 October3.20%
ANZ-1411 October3.24%
AMP-1514 October3.14%
MyState-1514 October3.23%
Westpac-1515 October3.23%
Greater Bank-1415 October3.33%
Qudos Bank-1515 October3.14%
P&N Bank-16 - 2515 October2.99%
Heritage Bank-1515 October3.07%
Bankwest-13 - 2516 October3.26%
ING-1516 October2.99%
Suncorp-1518 October3.03%
HSBC-15 - 2021 October3.02%
Commonwealth Bank-1322 October3.27%
Bank Australia-1022 October3.25%
IMB-1322 October3.18%
Newcastle Permanent-1322 October3.17%
State Custodians-2523 October2.90%
ME Bank-1524 October3.19%
Bank of Queensland-1025 October3.29%
Virgin Money-1525 October3.14%
UBank-2529 October2.84%
CUA-1329 October3.20%

*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

Data indicated here is updated regularly
$
% 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
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
2.64%
2.66%
$500 (waived for loans above $150,000)
$0 p.a.
80%
Refinancers borrowing $250,000 or more can get up to $3,000 cashback (Other terms, conditions and exclusions apply). A low variable interest rate for home buyers and refinancers. Application fee waived for loans above $150,000.
Athena Variable Home Loan - Owner Occupier, P&I
2.59%
2.55%
$0
$0 p.a.
80%
Owner-occupiers with 20% deposits can get this competitive variable rate mortgage. $0 application fee and $0 ongoing fees.
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
2.49%
2.49%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
2.78%
2.79%
$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. Refinance to an eligible Suncorp loan and get a cashback of $2,000 or $3,000, depending on your loan amount. Other conditions apply.
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
2.65%
2.66%
$0
$0 p.a.
80%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
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