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Well, they’ve done it again! On Tuesday, the Reserve Bank of Australia dropped the cash rate by another 0.25%. Following June’s cut of 0.25%, the Australian cash rate now sits at a historical low of 1.00%.
Many of Australia's banks and lenders have already passed on the cut and reduced their home loan interest rates. These recent cuts, if applied directly and in full, could save the average Australian with a $380,000 home loan, an incremental $1,200^ in interest per year.
If your lender has not passed down this cut, it’s worth reviewing your options to see if there are savings to be made that can help put you in a financially stronger position.
Below we've listed all of the banks and lenders who have already passed on the 0.25% rate cut to their home loan customers, and the lenders still waiting. It's worth noting that most of those who have moved are not making those rates available for a few weeks.
Last updated: 2pm, 4th July 2019
|Bank||July update||June update||Effective date||Lowest variable offer|
|Adelaide Bank||Pending||25 bps|
|AMP Bank||Pending||25 bps|
|ANZ Bank||25bps||18 bps||July 12||3.38%|
|Athena||25 bps||25 bps||July 02||3.09%|
|Auswide Bank||Pending||25 bps|
|Bank Australia||Pending||25 bps|
|Bank First||Pending||7-30 bps|
|Bank of Melbourne||20bps||20-35 bps||July 16||3.39%|
|Bank of Sydney||Pending||20-25 bps|
|BankSA||20 bps||20-35 bps||July 16||3.39|
|Bendigo Bank||Pending||20 bps|
|Citi||25bps||25 bps||July 02||4.27%|
|Commonwealth Bank||19 bps||25 bps||July 23||3.35%|
|Community First Credit Union||Pending|
|Credit Union SA||Pending|
|Defence Bank||Pending||25 bps|
|Gateway Bank||Pending||25 bps|
|G&C Mutual Bank||Pending|
|Greater Bank||25 bps||25 bps||July 29||3.32%|
|Heritage Bank||Pending||20 bps|
|Homestar Finance||25bps||25 bps||July 02||2.99%|
|Hunter United||Pending||25-41 bps|
|IMB Bank||Pending||25 bps|
|ING||20 bps||25 bps||July 18||3.14%|
|Loans.com.au||25 bps||20 bps||July 26||3.03%|
|Macquarie Bank||20bps||25 bps||July 05||3.34%|
|ME Bank||15 bps||25 bps||July 23||3.39%|
|NAB||19bps||25 bps||July 12||3.35%|
|Newcastle Permanent||25 bps||25 bps||July 29||3.24%|
|People’s Choice CU||Pending||25 bps|
|Pepper Money||Pending||25 bps|
|P&N Bank||Pending||18-39 bps|
|Qudos Bank||Pending||25 bps|
|RACQ Bank||25bps||25 bps||July||3.19%|
|Reduce Home Loans||22bps||25 bps||July 02||2.89%|
|Regional Australia Bank||Pending|
|Resi||25 bps||July 26||3.32%|
|State Custodians||0.25||July 24||3.15%|
|St. George Bank||20bps||20-35 bps||July 16||3.58%|
|Suncorp Bank||Pending||20 bps|
|The Mutual Bank||20 bps||July 19||3.38%|
|Teachers Mutual Bank||Pending|
|Tic:Toc Home Loans||Pending|
|Virgin Money||Pending||22 bps|
|Westpac||20bps||20-35 bps||July 16||3.58%|
If you are planning to refinance or buy a property, it pays to be prepared. Make sure your home loan application details are up to date so you can be ready to go as lenders dropping their rates.
On the first Tuesday of every month (except in January), the Reserve Bank of Australia (RBA) sets the cash rate. They decide whether to raise it, lower it or leave it the same, depending on a number of factors, including the performance of the Australian dollar, the state of the housing market and inflation.
The last time the cash rate rose was in November 2010. Since then, the general trend has been for the rate to remain the same, decreasing only every so often. Prior to June 4 2019, The last decrease was in August 2016.
We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist here.
^repayment rate based on a $380,000, P&I loan over a 20-year term decreasing from 4.25%/4.25% to 3.75%/3.75%.
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