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Bank didn't pass on the RBA rate cut? Here's how to still save.

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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%.

Aussies could save $1,200, or more, over the next 12 months

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.

See how much you could save with a lower rate

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What if your bank hasn’t passed on the RBA rate cut?

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.

Which banks and lenders have already passed on the 0.25% RBA cash rate cut

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%
Australian Unity     Pending
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
BankVic     Pending
Bankwest     Pending 25 bps
BCU    Pending 25 bps
Bendigo Bank   Pending 20 bps
Beyond Bank     Pending
BOQ     Pending 25 bps
Citi     25bps 25 bps July 02 4.27%
ClickLoans     Pending
Commonwealth Bank 19 bps 25 bps July 23 3.35%
Community First Credit Union  Pending
Credit Union SA    Pending
CUA     Pending 10-25 bps
Defence Bank     Pending 25 bps
Delphi Bank     Pending
Easy Street     Pending
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
Homeloans.com.au     Pending
Homestar Finance    25bps 25 bps July 02 2.99%
Homestart Finance     Pending
HSBC     Pending 22 bps
Hume Bank     Pending
Hunter United     Pending 25-41 bps
IMB Bank     Pending 25 bps
ING     20 bps 25 bps July 18 3.14%
Liberty     Pending
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%
Mortgage House     Pending
MOVE Bank     Pending
MyState     Pending
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
QBank     Pending
Qudos Bank     Pending 25 bps
RACQ Bank 25bps 25 bps July 3.19%
RAMS Pending 20-35 bps
Reduce Home Loans 22bps 25 bps July 02 2.89%
Regional Australia Bank     Pending
Resi     25 bps July 26 3.32%
SCU     Pending
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
UBank     Pending 25 bps
UniBank     Pending
Unity Bank     Pending
Virgin Money     Pending 22 bps
Westpac 20bps 20-35 bps July 16 3.58%

Don’t miss out on savings

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.

Check today's low rates

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Background: What is the RBA cash rate update?

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.

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^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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Tags: rba cash rate, reserve bank, interest rate, refinance, new purchase

Check today's low rates

Tell us what you are looking for and see if you can save.

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Check today's low rates

Tell us what you are looking for and see if you can save.

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Important legal stuff

COMPARISON RATE WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.
Lendi is the trading name of Lendi Pty Ltd, a related body corporate of your licensed credit assistance provider, Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence Number 442372). We will never sell your email address to any third party or send you nasty spam, promise.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of major and non-bank lenders including Click Loans which is a wholly owned subsidiary of Auscred Pty Ltd and a related body corporate of Auscred Services, your credit assistance provider. Although Lendi compares over 1600 products from over 30 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
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