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The [Reserve Bank](https://www.rba.gov.au/media-releases/2020/mr-20-06.html) has cut the cash rate by 15 basis points, leaving it sitting at a new all time low of 0.10%. 

This news has the potential to free up a lot of cash for Aussie homeowners, meaning cheaper mortgage repayments and huge savings. We expect more banks and lenders to further drop their rates following this announcement.  

## Average homeowner can save $281+ each month
Today’s 15 basis point drop, when combined with cuts over the last 18 months, could save the average Australian homeowner an incremental $3,372^ in interest over the next 12 months alone. 

## 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 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, 5th November 2020

| Bank                          | Nov 3rd cut            | Applies to                                        | Effective date   | New lowest variable rate                                                   |
|-------------------------------|------------------------|---------------------------------------------------|------------------|----------------------------------------------------------------------------|
| 86 400                        | Pending                |                                                   |                  |                                                                            |
| Adelaide Bank                 | Pending                |                                                   |                  |                                                                            |
| AMP Bank                      | Pending                |                                                   |                  |                                                                            |
| ANZ Bank                      | 20-40 basis points     | Fixed rate owner occupiers                        |                  |                                                                            |
| Athena                        | 15 basis points        | All variable rate home loans                      | 3 November 2020  | 2.19% p.a. | 2.19% p.a. comp rate*                                         |
| Australian Unity              | Pending                |                                                   |                  |                                                                            |
| Auswide Bank                  | Pending                |                                                   |                  |                                                                            |
| Bank Australia                | Pending                |                                                   |                  |                                                                            |
| Bank First                    | Pending                |                                                   |                  |                                                                            |
| Bank of Melbourne             | Pending                |                                                   |                  |                                                                            |
| Bank of Sydney                | Pending                |                                                   |                  |                                                                            |
| BankSA                        | Pending                |                                                   |                  |                                                                            |
| BankVic                       | Pending                |                                                   |                  |                                                                            |
| Bankwest                      | Pending                |                                                   |                  |                                                                            |
| BCU                           | Pending                |                                                   |                  |                                                                            |
| Bendigo Bank                  | Pending                |                                                   |                  |                                                                            |
| Beyond Bank                   | Pending                |                                                   |                  |                                                                            |
| BOQ                           | Pending                |                                                   |                  |                                                                            |
| Citi                          | Pending                |                                                   |                  |                                                                            |
| Commonwealth Bank             | Up to 100 basis points | 4 year fixed rate owner occupiers                 |                  | 1.99%                                                                      |
| Community First Credit Union  | Pending                |                                                   |                  |                                                                            |
| Credit Union SA               | Pending                |                                                   |                  |                                                                            |
| CUA                           | Pending                |                                                   |                  |                                                                            |
| Defence Bank                  | Pending                |                                                   |                  |                                                                            |
| Delphi Bank                   | Pending                |                                                   |                  |                                                                            |
| Firstmac                      | Pending                |                                                   |                  |                                                                            |
| Freedom Lendi                 | 20 basis points        | Select home loans for new customers               |                  |                                                                            |
| Gateway Bank                  | Pending                |                                                   |                  |                                                                            |
| G&C Mutual Bank               | Pending                |                                                   |                  |                                                                            |
| Greater Bank                  | Pending                |                                                   |                  |                                                                            |
| Heritage Bank                 | Pending                |                                                   |                  |                                                                            |
| Homeloans.com.au              | 15 basis points        | All new and existing variable rate customers      | 3 November 2020  | 2.14% p.a.|2.16% p.a. comp rate* for OO P&I borrowers with up to 60% LVR   |
| Homestar Finance              | 15 basis points        | Select home loans for new customers               | 3 November 2020  |                                                                            |
| HSBC                          | Pending                |                                                   |                  |                                                                            |
| Hume Bank                     | Pending                |                                                   |                  |                                                                            |
| Hunter United                 | Pending                |                                                   |                  |                                                                            |
| IMB Bank                      | Pending                |                                                   |                  |                                                                            |
| ING                           | Pending                |                                                   |                  |                                                                            |
| Liberty                       | Pending                |                                                   |                  |                                                                            |
| Loans.com.au                  | Pending                |                                                   |                  |                                                                            |
| Macquarie Bank                | Pending                |                                                   |                  |                                                                            |
| ME Bank                       | 15 basis points        | All existing variable rate home loan customers    | 26 November 2020 |                                                                            |
| Mortgage House                | Pending                |                                                   |                  |                                                                            |
| MOVE Bank                     | Pending                |                                                   |                  |                                                                            |
| MyState                       | Pending                |                                                   |                  |                                                                            |
| NAB                           | 10-81 basis points     | Fixed rate owner occupier loans for new customers |                  | 1.98%                                                                      |
| Newcastle Permanent           | Pending                |                                                   |                  |                                                                            |
| People’s Choice CU            | Pending                |                                                   |                  |                                                                            |
| Pepper Money                  | Pending                |                                                   |                  |                                                                            |
| P&N Bank                      | Pending                |                                                   |                  |                                                                            |
| QBank                         | Pending                |                                                   |                  |                                                                            |
| Qudos Bank                    | Pending                |                                                   |                  |                                                                            |
| RACQ Bank                     | Pending                |                                                   |                  |                                                                            |
| RAMS                          | Pending                |                                                   |                  |                                                                            |
| Reduce Home Loans             | 10-20 basis points     | Select home loans for new customers               | 3 November 2020  | 1.77% p.a. | 1.83% p.a. comp rate* for OO P&I borrowers with up to 60% LVR |
| Regional Australia Bank       | Pending                |                                                   |                  |                                                                            |
| Resimac                       | Pending                |                                                   |                  |                                                                            |
| SCU                           | Pending                |                                                   |                  |                                                                            |
| State Custodians              | Pending                |                                                   |                  |                                                                            |
| St. George Bank               | Pending                |                                                   |                  |                                                                            |
| Suncorp Bank                  | Pending                |                                                   |                  |                                                                            |
| The Mutual Bank               | Pending                |                                                   |                  |                                                                            |
| Teachers Mutual Bank          | Pending                |                                                   |                  |                                                                            |
| Tic:Toc Home Loans            | Pending                |                                                   |                  |                                                                            |
| UBank                         | Pending                |                                                   |                  |                                                                            |
| UniBank                       | Pending                |                                                   |                  |                                                                            |
| Unity Bank                    | Pending                |                                                   |                  |                                                                            |
| Virgin Money                  | Pending                |                                                   |                  |                                                                            |
| Westpac                       | 20-80 basis points     | Fixed rate owner occupier loans for new customers |                  | 1.99%                                                                      |

## How healthy is your home loan rate?
Have you kept track of how many times your lender has passed on rate cuts to you? We’ve seen two rate cuts in March bringing the cash rate to its lowest in history. If your rate hasn’t been reviewed in the last year you may be overpaying by thousands. Check if you're overpaying by [reviewing your rate today](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  P&I loan over a 20-year term decreasing from 3.75% | 3.75% to 2.35% | 2.35%.

*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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