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The Big Four and many other lenders drop mortgage rates as the cash rate falls


The cash rate has fallen by 0.25%. Here are the lenders passing on the cut to borrowers.

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

A cut to the RBA cash rate has sent variable rates falling as lenders pass on cheaper borrowing costs to consumers.

For buyers looking to get a mortgage this is good news. Lower rates on offer means better deals and lower repayments. And if you already have a mortgage it's vital that you see if your lender has passed on the cut. If not, it's time to think about refinancing your loan.

Who is cutting rates?

LenderCut (basis points)Effective dateStandard variable rateLowest variable offer
Commonwealth Bank-0.25June 255.12%3.54%
ANZ-0.18June 145.18%3.63%
Westpac-0.20June 185.18%3.78%
NAB-0.25June 255.11%3.54%
St.George-0.20June 185.16%3.63%
Bank of Melbourne-0.20June 185.14%3.59%
Bank SA-0.20June 185.15%3.59%
Athena Home Loans-0.25June 43.34%
Reduce Home Loans-0.25June 43.19%
Community First Bank-0.10June 33.59%
Credit Union SA-0.20June 33.59%
Homestar-0.25June 43.24%
RACQ-0.25June 123.44%
Greater Bank-0.25June 113.57%
Bank of Queensland-0.25June 253.44%
Virgin Money-0.22June 253.47%
Newcastle Permanent-0.25June 173.47%
ING-0.25June 253.34%
Macquarie Bank-0.25June 213.34%
Suncorp-0.20June 213.44%
RAMS-0.20June 185.213.21%
IMB-0.25June 213.54%
ME Bank-0.25June 273.54%

*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.

How can I take advantage of a cut to the cash rate?

Even if your lender is cutting rates there's no guarantee they're cutting your rate. Here's what you need to do:

  1. Check your interest rate then check your lender's website. Is your lender offering a lower rate to new customers?
  2. Compare the latest rates from across the market. There might be much lower rates offered by other lenders.
  3. Ask your lender to pass on the rate cut to you. It never hurts to ask.
  4. If they won't offer you a better deal then find a lower rate and refinance your mortgage.

Refinancing takes a bit of work. You need to find a new mortgage, apply for it and collect all your paperwork. But once you get approved your new lender takes care of the rest. And the savings can be significant.

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