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The [Reserve Bank](https://www.rba.gov.au/media-releases/2020/mr-20-06.html) 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](https://www.lendi.com.au/inspire/insights/aussies-being-charged-banks-loyalty-tax-central-bank-confirms/) 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. 

## See how much you could save with a lower rate

%%___widget home-loan-repayment%%

## 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](https://www.lendi.com.au/home-loans/basics/refinance/refinance-loan-amount/).  

## 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

| Bank                          | March update                      | Applies to:                                              | Effective date:  | New lowest variable rate |
|-------------------------------|-----------------------------------|----------------------------------------------------------|------------------|--------------------------|
| 86 400                        | 25 basis points                   | All variable rate home loans                             | 4 March 2020     | 2.84%                    |
| Adelaide Bank                 | 25 basis points                   | All variable rate home loans                             | 27 March 2020    |                          |
| AMP Bank                      | 25-64 basis points                | Standard variable home loans and three-year fixed offers | 30 March 2020    |                          |
| ANZ Bank                      | 25-35 basis points                | All variable rate home loans                             | 13 March 2020    |                          |
| Athena                        | 25 basis points                   | All variable rate home loans                             | 3 March 2020     | 2.59%                    |
| Australian Unity              | 25 basis points                   | All variable rate home loans                             | 24 March 2020    |                          |
| Auswide Bank                  | 25 basis points                   |                                                          | 13 March 2020    | 2.99%                    |
| Bank Australia                | 25 basis points                   | All variable rate home loans                             | 24 March 2020    |                          |
| Bank First                    | 25 basis points                   | Fixed and variable home loan rates                       | 25 March 2020    |                          |
| Bank of Melbourne             | 25 basis points                   | All variable rate home loans                             | 17 March 2020    | 2.69%                    |
| Bank of Sydney                | 25 basis points                   | All variable rate home loans                             |                  |                          |
| BankSA                        | 25 basis points                   | All variable rate home loans                             | 17 March 2020    | 2.74%                    |
| BankVic                       | 25 basis points                   | All variable rate home loans                             |                  |                          |
| Bankwest                      | 25 basis points                   |                                                          | 18 March 2020    | 3.32%                    |
| BCU                           | 25 basis points                   | All variable rate home loans                             | 1 April 2020     |                          |
| Bendigo Bank                  | 25 basis points                   | All variable rate home loans                             | 27 March 2020    |                          |
| Beyond Bank                   | Pending                           |                                                          |                  |                          |
| BOQ                           | 17 basis points / 25 basis points | Owner-occupiers / Investors                              | 3 April 2020     |                          |
| Citi                          | 25 basis points                   |                                                          | 24 March 2020    |                          |
| Commonwealth Bank             | 25 basis points                   | All variable rate home loans                             |                  | 2.97%                    |
| Community First Credit Union  | 10-30 basis points                | Fixed and variable home loan rates                       |                  |                          |
| Credit Union SA               | Pending                           |                                                          |                  |                          |
| CUA                           | 25 basis points                   | All variable rate home loans                             | 24 March 2020    |                          |
| Defence Bank                  | 25 basis points                   | All variable rate home loans                             | 12 March 2020    |                          |
| Delphi Bank                   | Pending                           |                                                          |                  |                          |
| Firstmac                      | 25 basis points                   | All variable rate home loans                             |                  |                          |
| Gateway Bank                  | 25 basis points                   | All variable rate home loans                             | 23 March 2020    |                          |
| G&C Mutual Bank               | Pending                           |                                                          |                  |                          |
| Greater Bank                  | 25 basis points                   | All variable rate home loans                             |                  |                          |
| Heritage Bank                 | 20 basis points                   | All variable rate home loans                             |                  |                          |
| Homeloans.com.au              | Pending                           |                                                          |                  |                          |
| Homestar Finance              | 25 basis points                   | All variable rate home loans                             | 1 April 2020     | 2.44%                    |
| HSBC                          | 25 basis points                   | All variable rate home loans                             | 23 March 2020    |                          |
| Hume Bank                     | 20 basis points                   |                                                          |                  |                          |
| Hunter United                 | 15 basis points                   |                                                          | 13 March 2020    |                          |
| IMB Bank                      | 25 basis points                   |                                                          | 1 April 2020     |                          |
| ING                           | 25 basis points                   |                                                          | 18 March 2020    |                          |
| Liberty                       | 25 basis points                   |                                                          | 24 March 2020    | 2.99                     |
| Loans.com.au                  | 25 basis points                   |                                                          | 3 March 2020     | 2.53%                    |
| Macquarie Bank                | 25 basis points                   |                                                          | 19 March 2020    | 2.84%                    |
| ME Bank                       | 25 basis points                   | All variable rate home loans                             | 26 March 2020    |                          |
| Mortgage House                | 25 basis points                   | All variable rate home loans                             | 20 March 2020    |                          |
| MOVE Bank                     | Pending                           |                                                          |                  |                          |
| MyState                       | 25 basis points                   | All variable rate home loans                             |                  |                          |
| NAB                           | 25 basis points                   |                                                          | 13 March 2020    | 2.84%                    |
| Newcastle Permanent           | 25 basis points                   | All variable rate home loans                             | 24 March 2020    |                          |
| People’s Choice CU            | 25 basis points                   |                                                          |                  |                          |
| Pepper Money                  | 25 basis points                   | All variable rate home loans                             |                  |                          |
| P&N Bank                      | 25 basis points                   |                                                          |                  |                          |
| QBank                         | Pending                           |                                                          |                  |                          |
| Qudos Bank                    | 25 basis points                   | All variable rate home loans                             | 23 March 2020    |                          |
| RACQ Bank                     | 17 basis points                   |                                                          | 3 March 2020     | 2.87%                    |
| RAMS                          | 25 basis points                   |                                                          | 17 March 2020    | 2.74%                    |
| Reduce Home Loans             | 25 basis points                   |                                                          | 3 March 2020     | 2.44%                    |
| Regional Australia Bank       | Pending                           |                                                          |                  |                          |
| Resimac                       | 25 basis points                   | All variable rate home loans                             | 26 March 2020    |                          |
| SCU                           | Pending                           |                                                          |                  |                          |
| State Custodians              | 25 basis points                   |                                                          | 26 March 2020    |                          |
| St. George Bank               | 25 basis points                   | All variable rate home loans                             | 17 March 2020    | 2.69%                    |
| Suncorp Bank                  | 25 basis points                   |                                                          |                  | 2.78%                    |
| The Mutual Bank               | 25 basis points                   |                                                          | 16 March 2020    | 2.98%                    |
| Teachers Mutual Bank          | Pending                           |                                                          |                  |                          |
| Tic:Toc Home Loans            | 25 basis points                   | All variable rate home loans                             | 6 March 2020     |                          |
| UBank                         | 25 basis points                   |                                                          | 3 March 2020     |                          |
| UniBank                       | Pending                           |                                                          |                  |                          |
| Unity Bank                    | Pending                           |                                                          |                  |                          |
| Virgin Money                  | 17 basis points / 25 basis points | Owner-occupiers / Investors                              | 3 April 2020     |                          |
| Westpac                       | 25 basis points                   | All variable rate home loans                             | 17 March 2020    | 2.93%                    |

## 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](https://www.lendi.com.au/home-loans/search/).

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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.

## Got a home loan question?
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](https://www.lendi.com.au/book-appointment/). 

^ 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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