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RBA drop cash rate to 0.5%: See which banks have already passed on the rate cut.

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The Reserve Bank has decided to cut the cash rate by another 0.25%, leaving it sitting at yet another historic low of 0.5%.

This cut comes amid a considerable upswing in the local property market. Housing values surged once again (1.1%) in February with many capital cities rebounding from last year’s slump with record-high sale prices.

A huge upside of this move is that interest rates are now the lowest they’ve been in decades as lenders scramble to attract new customers. Major banks have recently begun cutting investment rates and Aussie customers are becoming clued up to the loyalty tax they’ve needlessly been paying their banks.

Aussies stand to save over $200 each month

Today’s 0.25% drop, when combined with 2019’s cuts, could save the average Australian borrower an incremental $2,436^ in interest in the next 12 months alone. That’s a mortgage payment reduction of $203^ each month.

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When did you last review your rate?

Everyone can do with extra savings in their pocket. If you haven’t reviewed your interest rate in the last 6-12 months you may be paying loyalty tax and could stand to save thousands. All you need to do is answer a few questions about your loan.

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: 12pm, 11th March 2020

BankMarch updateApplies to:Effective date:New lowest variable rate
86 40025 basis pointsAll variable rate home loans4 March 20202.84%
Adelaide Bank  25 basis pointsAll variable rate home loans27 March 2020
AMP Bank    25-64 basis pointsStandard variable home loans and three-year fixed offers30 March 2020
ANZ Bank25-35 basis pointsAll variable rate home loans13 March 2020
Athena25 basis pointsAll variable rate home loans3 March 20202.59%
Australian Unity    25 basis pointsAll variable rate home loans24 March 2020
Auswide Bank    25 basis points13 March 20202.99%
Bank Australia    25 basis pointsAll variable rate home loans24 March 2020
Bank First    25 basis pointsFixed and variable home loan rates25 March 2020
Bank of Melbourne   25 basis pointsAll variable rate home loans17 March 20202.69%
Bank of Sydney    25 basis pointsAll variable rate home loans
BankSA   25 basis pointsAll variable rate home loans17 March 20202.74%
BankVic    25 basis pointsAll variable rate home loans
Bankwest    25 basis points18 March 20203.32%
BCU   25 basis pointsAll variable rate home loans1 April 2020
Bendigo Bank  25 basis pointsAll variable rate home loans27 March 2020
Beyond Bank    Pending
BOQ    17 basis points / 25 basis pointsOwner-occupiers / Investors3 April 2020
Citi    25 basis points24 March 2020
Commonwealth Bank25 basis pointsAll variable rate home loans2.97%
Community First Credit Union 10-30 basis pointsFixed and variable home loan rates
Credit Union SA   Pending
CUA    25 basis pointsAll variable rate home loans24 March 2020
Defence Bank    25 basis pointsAll variable rate home loans12 March 2020
Delphi Bank    Pending
Firstmac25 basis pointsAll variable rate home loans
Gateway Bank    25 basis pointsAll variable rate home loans23 March 2020
G&C Mutual Bank    Pending
Greater Bank25 basis pointsAll variable rate home loans
Heritage Bank    20 basis pointsAll variable rate home loans
Homeloans.com.au    Pending
Homestar Finance   25 basis pointsAll variable rate home loans1 April 20202.44%
HSBC    25 basis pointsAll variable rate home loans23 March 2020
Hume Bank    20 basis points
Hunter United    15 basis points13 March 2020
IMB Bank    25 basis points1 April 2020
ING    25 basis points18 March 2020
Liberty    25 basis points24 March 20202.99
Loans.com.au    25 basis points3 March 20202.53%
Macquarie Bank   25 basis points19 March 20202.84%
ME Bank    25 basis pointsAll variable rate home loans26 March 2020
Mortgage House    25 basis pointsAll variable rate home loans20 March 2020
MOVE Bank    Pending
MyState    25 basis pointsAll variable rate home loans
NAB25 basis points13 March 20202.84%
Newcastle Permanent   25 basis pointsAll variable rate home loans24 March 2020
People’s Choice CU    25 basis points
Pepper Money    25 basis pointsAll variable rate home loans
P&N Bank    25 basis points
QBank    Pending
Qudos Bank    25 basis pointsAll variable rate home loans23 March 2020
RACQ Bank17 basis points3 March 20202.87%
RAMS25 basis points17 March 20202.74%
Reduce Home Loans25 basis points3 March 20202.44%
Regional Australia Bank    Pending
Resimac    25 basis pointsAll variable rate home loans26 March 2020
SCU    Pending
State Custodians25 basis points26 March 2020
St. George Bank   25 basis pointsAll variable rate home loans17 March 20202.69%
Suncorp Bank   25 basis points2.78%
The Mutual Bank25 basis points16 March 20202.98%
Teachers Mutual Bank    Pending
Tic:Toc Home Loans    25 basis pointsAll variable rate home loans6 March 2020
UBank    25 basis points3 March 2020
UniBank    Pending
Unity Bank    Pending
Virgin Money    17 basis points / 25 basis pointsOwner-occupiers / Investors3 April 2020
Westpac25 basis pointsAll variable rate home loans17 March 20202.93%

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.

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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 $400,000, P&I loan over a 20-year term decreasing from 3.75% | 3.75% to 2.75% | 2.75%.

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

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

Check today's low rates

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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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# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
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 lenders including ClickLoans, a related body corporate of Auscred Services. Although Lendi compares over 1600 products from over 35 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.
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. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
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.
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