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

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In an unprecedented move, the Reserve Bank of Australia dropped the official cash rate by another 0.25%. Now, for the first time in its history, the cash rate sits at a record low of 0.75%.

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Aussies could save $1,788, or more, over the next 12 months

October’s 0.25% drop, when combined with June and July’s cuts, could save the average Australian borrower an incremental $1,788* in interest in the next 12 months alone.

But savvy borrowers are saving a lot more than just the cash rate cut

Since the initial cash rate cut in June, we’ve helped customers reduce their interest rates by an average of between 0.90% and 1.10%. That’s an extra 0.60%** on top of the 0.25-0.50% passed on by lenders.

How are they reducing their rate by so much? We hate seeing borrowers waste money when there are savings to be made. Our goal is to always find Aussies the best deal possible, so not only have we helped customers benefit from rate cuts, but nabbed them a better home loan deal too.

Don't settle for a rate reduction of just 0.25%

Not only could you could benefit from the lowest interest rates available in decades but there are also a number of cashback offers available of up to $2,000. There really has never been a better time to refinance!

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

While some of Australia's banks and lenders have already passed on the cut and reduced their home loan interest rates, many others have only passed on a portion or none at all.

If your lender does not pass on the rate cut, it's worth reviewing your home loan options. Chat to one of our friendly Home Loan Specialists today.

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: 10am, 8th October 2019

BankUpdateEffective dateNew Lowest Rate Advertised
Adelaide Bank  
AMP Bank    15 basis points14 October
ANZ Bank14-25 basis points11 October
Athena25 bps1 October2.84% p.a. (2.80% p.a. comp rate*) for OO P&I with up to 80% LVR
Australian Unity    
Auswide Bank    25 bps3 October3.24% p.a. (3.26%pa comp rate*) for OO P&I borrowers with up to 80% LVR
Bank Australia    
Bank First    
Bank of Melbourne   15 basis points16 October
Bank of Sydney    
BankSA   15 basis points16 October
BankVic    
Bankwest    13-25 basis points16 October
BCU   
Bendigo Bank  15 basis points15 October
Beyond Bank    
BOQ    10 basis points25 October
Citi    
ClickLoans    
Commonwealth Bank13-25 basis points (0.13-0.25% points)22 October
Community First Credit Union 
Credit Union SA   
CUA    
Defence Bank    
Delphi Bank    
Easy Street    
FreedomLend25 basis points2 October2.79% p.a. (2.79% p.a. comp rate) for OO P&I borrowers with up to 80% LVR
Gateway Bank    
G&C Mutual Bank    
Greater Bank
Heritage Bank    15 basis points15 October
Homeloans.com.au    
Homestar Finance   25 bps28 October 2019 for existing customers (27 days after RBA decision), 01 October 2019 for new customers (0 days after RBA decision)2.74% p.a. (2.77% p.a. comp rate)
Homestart Finance    
HSBC    15 basis points21 October3.02%
Hume Bank    
Hunter United    
IMB Bank    
ING    15 basis points16 October2.99%
Liberty    
Loans.com.au    
Macquarie Bank   15 basis points17 October
ME Bank    
Mortgage House    
MOVE Bank    
MyState    15 basis points14 October3.23%
NAB15-30 basis points (0.15%-0.30% points)11 October
Newcastle Permanent   13 basis points22 October3.19%
People’s Choice CU    
Pepper Money    Up to 24 basis points (0.24% points)1 October3.12% (3.32% comparison rate*) for OO P&I borrowers with up to 90% LVR
P&N Bank    16 basis points15 October3.47%
QBank    
Qudos Bank    15 basis points15 October3.13 %
RACQ Bank15 basis points8 October3.24%
RAMS15 basis points16 October
Reduce Home Loans20 basis points (0.20% points)1st October (new Customers)2.69% (2.71% comp rate*) for OO P&I borrowers with up to 80% LVR
Regional Australia Bank    
Resi    
SCU    
St. George Bank   15 basis points16 October
Suncorp Bank   15 basis points18 October
The Mutual Bank
Teachers Mutual Bank    
Tic:Toc Home Loans    
UBank    25 basis points (0.25% points)29 October
UniBank    
Unity Bank    
Virgin Money    15-20 basis points25 October
Westpac15 basis points16 October

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.

See how much you could save with a lower rate

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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.

*Repayment rate based on a $380,000, P&I loan over a 20-year term decreasing from 4.25% | 4.25% to 3.50% | 3.50%.

** On average Lendi refinancers get a rate around 60bps less than what they were paying and this, plus the 25 to 50 bps cuts passed on from the RBA decisions, has seen the average refinancer reduce their interest rate by between 90 and 110bps.

^ $2,299 figure is calculated by comparing customers' previous and new interest rates. This does not include customers consolidating debt or accessing equity, and does not account for changes to the overall lending amount or total loan term. This figure does not take into account fees and charges related to the transactions and ongoing changes to fees

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

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

Search rates

Check today's low rates

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

Search rates
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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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