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Which banks and lenders have already passed on the 0.25% RBA cash rate cut

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On June 4, the Reserve Bank of Australia cut the cash rate to a now historic low of 1.25%. This update was the first cash rate move in almost three years, since August 2016.

This cash rate cut of 0.25%, if applied directly and in full, could save Australians (with an average size mortgage of $380K) $600*, or more, a year.

Following the RBA's announcement, a number of banks and lenders have already started reducing their home loan interest rates.

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.

Last updated: 10am, 12th June 2019

BankUpdateApplies toEffective DateNew Lowest Rate Advertised
Adelaide Bank  25 bpsVariable home loan customers, for both owner occupiers and investors with principal and interest payments (In addition, Auswide Bank has reduced interest rates to business loans by 25 basis points for P&I payments.)2nd July
AMP Bank    25 bpsAll variable rate home loans, for new and existing customers21 June for new customers (17 days after RBA’s decision), and 24 June for existing customers (20 days after RBA’s decision)TBC
ANZ Bank18 bpsAll Variable rates for new and exisiting14th JuneTBC
Athena25 bpsNew and exisiting OO and IO4th June3.34%
Australian Unity    Pending
Auswide Bank    25 bpsVariable home loan customers, for both owner occupiers and investors with principal and interest payments2nd JulyTBC
Bank Australia    25 bpsVariable mortgage interest rates for all owner occupier home loan and investment loan customers24th JuneTBC
Bank First    7-30 bpsStandard Home Loan (25 points), Premier Package Home Loan (16 points), Complete Home Loan (8 points), First Rate Home Loan (7 points), other variable home loan rates (15 points) and fixed home loan rates (up to 30 points)21st JuneTBC
Bank of Melbourne   20-35 bpsVariable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)18th JuneTBC
Bank of Sydney    20-25 bpsAll standard variable interest rate for all home loans (25 points) and for all investment home loans (20 points)25th JuneTBC
BankSA   20-35 bpsVariable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)18th JuneTBC
BankVic    Pending
Bankwest    25 bpsStandard variable rate mortgages25th JuneTBC
BCU   25 bpsvariable OO home loans and variable investment home loans, available for new and existing customers1st JulyTBC
Bendigo Bank  20 bpsAll new and existing owner occupier and investor principal & interest loan customers28th JuneTBC
Beyond Bank    Pending
BOQ    25 bpsAll variable home loan rates with the exception of the Clear Path OO P&I home loan, which will drop by 15 (0.15%) basis points25th JuneTBC
Citi    25 bpsVariable home loan rates25th JuneTBC
ClickLoans    Pending
Commonwealth Bank25 bpsAll variable home loan rates for new and existing customers11th JuneTBC
Community First Credit Union Pending
Credit Union SA   Pending
CUA    10-25 bpsMost CUA home loan products including the Standard Variable, Discount Variable and Fresh Start home loans (25 points), and the Accelerate and Balance variable home loan products (between 10 to 15 points).18th JuneTBC
Defence Bank    25 bpsAll variable rate home loans25th JuneTBC
Delphi Bank    Pending
Easy Street    Pending
Gateway Bank    25 bpsNew and existing members of all of Gateway Bank’s variable owner-occupied and investment loans25th JuneTBC
G&C Mutual Bank    Pending
Greater Bank25 bpsVariable base rate for Owner Occupied loans, Investment loans and Business loans11th JuneTBC
Heritage Bank    20 bpsVariable home loan rates21st JuneTBC
Homeloans.com.au    Pending
Homestar Finance   25 bpsNew Customer Only4th June3.29%
Homestart Finance    Pending
HSBC    22 bpsVariable home loan interest rates for owner occupier and investors17th JuneTBC
Hume Bank    Pending
Hunter United    25-41 bpsVariable home loans (up to 25 points), and fixed rate home loans (up to 41 points). Reductions will vary across Principal and Interest loans as well as Interest Only loans for both owner occupiers and investors.14th JuneTBC
IMB Bank    25 bpsResidential and business lending products21st JuneTBC
ING    25 bpsAll new and existing customers with an ING variable rate home loan25th JuneTBC
Liberty    Pending
Loans.com.au    20 bpsAll exisiting and new variable home loan customers14th juneTBC
Macquarie Bank   25 bpsAll standard variable home loan interest rates21st JuneTBC
ME Bank    25 bpsAll variable home loan rates27th JuneTBC
Mortgage House    Pending
MOVE Bank    Pending
MyState    Pending
NAB25 bpsAll variable home loan interest rates for new and existing customers14th JuneTBC
Newcastle Permanent   25 bpsStandard variable home loans across owner occupier and investment products17th JuneTBC
People’s Choice CU    25 bpsStandard variable home loan rates for existing members and variable business loan rates25th JuneTBC
Pepper Money    25 bpsStandard variable residential home loans24th JuneTBC
P&N Bank    18-39 bpsEntire lending portfolio (18 points), 2 to 3-year fixed term loans 80% LVR (39 points), ‘& Home Loan Intro Rate’ product (25 points), and ‘& Home Loan’ product (18 points)28th JuneTBC
QBank    Pending
Qudos Bank    25 bpsStandard Variable home loans accross owenr occupier and investment products17th JuneTBC
RACQ Bank25 bpsAll exisiting Variable home loansfrom next week'TBC
RAMS20-35 bpsVariable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)18th JuneTBC
Reduce Home Loans25 bpsNew Customers18th JuneTBC
Regional Australia Bank    Pending
Resi    Pending
SCU    Pending
St. George Bank   20-35 bpsVariable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)18th JuneTBC
Suncorp Bank   20 bpsVariable home loans, for owner occupiers and investors21st JuneTBC
The Mutual Bank
Teachers Mutual Bank    Pending
Tic:Toc Home Loans    Pending
UBank    25 bpsAll variable home loan rates for new and existing customers (1-year fixed Owner Occupier P&I rate will also decrease to 2.99% p.a. (4.09% comparison rate) from June 14)28th JuneTBC
UniBank    Pending
Unity Bank    Pending
Virgin Money    22 bpsExisiting owner occupiers and investors25th JuneTBC
Westpac20-35 bpsAll variable home loan interest rates for new and existing customers (35 basis point cut only applies to residential investment IO loans. Other variable home loans reduced by 20 basis points)18th JuneTBC

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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 $380,000, P&I loan over a 20-year term decreasing from 4.25%/4.25% to 4.00%/4.00%.

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

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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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