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Nov 2020 RBA drop cash rate to 0.10%: See which banks have already passed on the rate cut.

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The Reserve Bank 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

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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 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

BankNov 3rd cutApplies toEffective dateNew lowest variable rate
86 400Pending
Adelaide Bank  Pending
AMP Bank    Pending
ANZ Bank20-40 basis pointsFixed rate owner occupiers
Athena15 basis pointsAll variable rate home loans3 November 20202.19% p.a.
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 BankUp to 100 basis points4 year fixed rate owner occupiers1.99%
Community First Credit Union Pending
Credit Union SA   Pending
CUA    Pending
Defence Bank    Pending
Delphi Bank    Pending
FirstmacPending
Freedom Lendi20 basis pointsSelect home loans for new customers
Gateway Bank    Pending
G&C Mutual Bank    Pending
Greater BankPending
Heritage Bank    Pending
Homeloans.com.au    15 basis pointsAll new and existing variable rate customers3 November 20202.14% p.a.
Homestar Finance   15 basis pointsSelect home loans for new customers3 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 pointsAll existing variable rate home loan customers26 November 2020
Mortgage House    Pending
MOVE Bank    Pending
MyState    Pending
NAB10-81 basis pointsFixed rate owner occupier loans for new customers1.98%
Newcastle Permanent   Pending
People’s Choice CU    Pending
Pepper Money    Pending
P&N Bank    Pending
QBank    Pending
Qudos Bank    Pending
RACQ BankPending
RAMSPending
Reduce Home Loans10-20 basis pointsSelect home loans for new customers3 November 20201.77% p.a.
Regional Australia Bank    Pending
Resimac    Pending
SCU    Pending
State CustodiansPending
St. George Bank   Pending
Suncorp Bank   Pending
The Mutual BankPending
Teachers Mutual Bank    Pending
Tic:Toc Home Loans    Pending
UBank    Pending
UniBank    Pending
Unity Bank    Pending
Virgin Money    Pending
Westpac20-80 basis pointsFixed rate owner occupier loans for new customers1.99%

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.

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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?

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^ 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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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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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# 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 Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 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 35% 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. Lendi's board is majority independent and non-executive.
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.
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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