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Here are all the mortgage lenders passing on the latest RBA cash rate cut

Posted: 2 July 2019 3:33 pm
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Lenders big and small are dropping variable home loans as the cash rate falls to 1.00%.

This page contains rate cuts for July 2019. Head to this page to see which lenders are passing on the latest RBA cut (October 2019)

The Reserve Bank of Australia has once again cut the cash rate. This means home loan rate cuts, and in the last month, at least 23 lenders have cut their variable mortgage rates.

Here's a list of the lenders who have said they will pass on part or all of the 0.25% rate cut, the date the cut will take effect and their lowest variable owner-occupier home loan. Keep in mind that a lender's lowest variable rate offer might not currently be on the market if the lender is cutting the rate a week or two from now.

Loyalty to your lender could be costing you thousands

We will continue to update this table as more lenders announce their responses to the cash rate cut.

Who is cutting rates?

LenderCut (basis points)Effective dateLowest variable offer
Athena Home Loans-0.25July 023.09%
Reduce Home Loans-0.22July 022.89%
Homestar-0.25July 022.99%
Macquarie Bank-0.40July 053.19%
Tic:Toc-0.65July 052.99%
CUA-0.17July 103.33%
RACQ-0.25July 103.19%
ANZ-0.25July 123.38%
NAB-0.19July 123.35%
Westpac-0.20July 163.58%
St.George-0.20July 163.38%
Bank of Melbourne-0.20July 163.34%
Bank SA-0.20July 163.39%
ING-0.20July 183.14%
Heritage Bank-0.15July 183.42%
The Mutual Bank-0.20July 193.38%
HSBC-0.20July 223.27%
AMP-0.20July 223.29%
Citbank-0.18July 233.21%
Commonwealth Bank-0.19July 233.35%
ME Bank-0.15July 233.39%
Bank of Queensland-0.15July 233.39%
Virgin Money-0.15July 233.29%
State Custodians-0.25July 243.15%
loans.com.au-0.25July 262.78%
Resimac-0.25July 263.21%
Greater Bank-0.25July 293.85%
Newcastle Permanent-0.25July 293.24%
Bendigo Bank-0.20July 293.29%
Auswide-0.18July 303.51%
UBank-0.25August 023.09%

*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.

Lenders are not obligated to pass on the rate cut to borrowers. And if you're on a fixed rate mortgage, then this news won't affect your home loan at all. But if you have a mortgage, here's what you should do regardless of your situation:

  1. Check your current interest rate. If you're on a variable rate, you might be surprised to see that it has changed since you last checked.
  2. Compare your rate against other offers on the market. Rates change all the time and the mortgage market is very competitive. As a comparison site, we're obviously going to say this but it's still true: compare, compare, compare.
  3. If you find a better mortgage offer, then you should consider switching to this product by refinancing your loan. There's absolutely no point being loyal to your lender if they're not giving you the best deal.

If you don't want to go through the application process that refinancing requires, you could also ask your lender to lower your interest rate. It's possible to negotiate with your lender, and the worst that will happen is they'll say no. In which case, you should look at refinancing.

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%
$0
$0 p.a.
80%
Up to $4,000 refinance cashback.
A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
2.29%
2.72%
$0
$8 monthly ($96 p.a.)
95%
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
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.
homeloans.com.au Low Rate Home Loan with Offset - LVR Under 60% (Owner Occupier, P&I)
2.29%
2.31%
$0
$0 p.a.
60%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Athena Celebrate Home Loan - 60% LVR  Owner Occupier, P&I
2.34%
2.34%
$0
$0 p.a.
60%
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
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