Media Release

RBA cut sparks refinancing rush

        • Interest in low-rate home loans surges by 654%
        • 21 lenders have announced rate cuts following the cash rate drop
        • The list of all of the cuts and the new rates

6 June, 2019, Sydney, Australia - Interest in rock-bottom mortgages skyrocketed in the days following the Reserve Bank of Australia's (RBA) cash rate cut, according to Finder, Australia's most visited comparison site.

Following the drop to an unprecedented low of 1.25%, borrowers are acting swiftly to take advantage of low-rate loans. Traffic to home loan deals on Finder jumped by a staggering 654% in less than 48 hours since the RBA announced the cash rate cut1.

Furthermore, interest in variable rates on Finder grew by 564%, while there's been a 369% spike in those looking to refinance.

Graham Cooke, insights manager at Finder, said the uptick shows Aussies are becoming increasingly savvy with their finances.

"It's great to see Aussies being proactive and looking for better value.

"This historically low rate will open lots of eyes to just how good the current offers are – and that's the case for variable and fixed rates, alike.

"Generally speaking, for those with an average home loan size of just less than $400,000, a 25 basis point drop could save you $60 a month or more. That's more than $21,000 over 30 years," Cooke said.

So far, 21 lenders have reduced their rates following the RBA's decision and all indications are that further lenders will follow suit this month.

"With so much activity on the home loan front, the ball is well and truly in the borrower's court," Cooke said.

Home loan discounts following rate cut

BankNew standard variable rateNew lowest variable rateCut
CBA5.12%3.54%25 basis points
NAB5.11%3.54%25 basis points
Newcastle Permanent5.10%3.47%25 basis points
Bank of Queensland3.44%25 basis points
Greater Bank3.57%25 basis points
Macquarie Bank3.34%25 basis points
RACQ3.44%25 basis points
ING3.34%25 basis points
Athena Home Loans3.34%25 basis points
Homestar3.24%25 basis points
Reduce Home Loans3.19%25 basis points
Virgin Money4.84%3.47%22 basis points
Westpac5.18%3.78%20 basis points
St.George5.16%3.63%20 basis points
BankSA5.15%3.59%20 basis points
Bank of Melbourne5.14%3.59%20 basis points
Suncorp4.52%3.44%20 basis points
RAMS5.21%3.21%20 basis points
Credit Union SA3.59%20 basis points
ANZ5.18%3.63%18 basis points
Community First Credit Union3.59%10 basis points

Source: Finder. Note: Not all lenders have a standard variable rate

While the Big Four were quick to announce a rate discount following Tuesday afternoon's decision, only two – CBA and NAB – will pass on the cut in full.

Many lenders had already reduced their rates in anticipation of the rate drop. In May, 49 lenders reduced rates on 778 different home loan products

Cooke said now is the time to consider refinancing if your current rate is high.

"We know the RBA cut the rate in part to help stabilise falling property prices, but many experts are predicting another cut this year, if not two.

"Rates have never been this low. If your current home loan has a '4' or a '5' in front of it, you could be getting a much better deal," he said.

Finder will continue to keep track of all of the rate movements as they happen.

Savings for an average mortgage on standard variable rate products

BankOld monthly


New monthly


Monthly savingsAnnual savingsSavings over 30-year

loan term


Source: Finder, ABS. Based on the average ABS mortgage size of $384,700.

1Traffic from 4 June compared to 7 May (previous RBA decision day)


For further information


The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on's review pages for the current correct values.

About Finder

Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit

12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel

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