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?

Lender Cut (basis points) Effective date Lowest variable offer
Athena Home Loans -0.25 July 02 3.09%
Reduce Home Loans -0.22 July 02 2.89%
Homestar -0.25 July 02 2.99%
Macquarie Bank -0.40 July 05 3.19%
Tic:Toc -0.65 July 05 2.99%
CUA -0.17 July 10 3.33%
RACQ -0.25 July 10 3.19%
ANZ -0.25 July 12 3.38%
NAB -0.19 July 12 3.35%
Westpac -0.20 July 16 3.58%
St.George -0.20 July 16 3.38%
Bank of Melbourne -0.20 July 16 3.34%
Bank SA -0.20 July 16 3.39%
ING -0.20 July 18 3.14%
Heritage Bank -0.15 July 18 3.42%
The Mutual Bank -0.20 July 19 3.38%
HSBC -0.20 July 22 3.27%
AMP -0.20 July 22 3.29%
Citbank -0.18 July 23 3.21%
Commonwealth Bank -0.19 July 23 3.35%
ME Bank -0.15 July 23 3.39%
Bank of Queensland -0.15 July 23 3.39%
Virgin Money -0.15 July 23 3.29%
State Custodians -0.25 July 24 3.15% -0.25 July 26 2.78%
Resimac -0.25 July 26 3.21%
Greater Bank -0.25 July 29 3.85%
Newcastle Permanent -0.25 July 29 3.24%
Bendigo Bank -0.20 July 29 3.29%
Auswide -0.18 July 30 3.51%
UBank -0.25 August 02 3.09%

*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

Rates last updated January 21st, 2020
% 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)
$500 (waived for loans above $150,000)
$0 p.a.
Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.

UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
$0 p.a.
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
Bank of Melbourne Basic Home Loan - LVR above 60% up to 80% (Owner Occupiers, P&I)
$500 (waived for loans above $150,000)
$0 p.a.
Online cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). A low variable interest rate for home buyers and refinancers. Application fee waived for loans above $150,000.
Homestar Star Essentials Home Loan - $150K to $850K LVR up to 80% (Owner Occupier, P&I)
$0 p.a.
A low rate variable mortgage with minimal fees and redraw facility. Requires a 20% deposit. For every complete application Homestar will donate $250 to select charities to help bushfire victims. Smart Home Loan - (Owner Occupier, P&I)
$0 p.a.
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.

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