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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
|Bank||Update||Applies to||Effective Date||New Lowest Rate Advertised|
|Adelaide Bank||25 bps||Variable 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 bps||All variable rate home loans, for new and existing customers||21 June for new customers (17 days after RBA’s decision), and 24 June for existing customers (20 days after RBA’s decision)||TBC|
|ANZ Bank||18 bps||All Variable rates for new and exisiting||14th June||TBC|
|Athena||25 bps||New and exisiting OO and IO||4th June||3.34%|
|Auswide Bank||25 bps||Variable home loan customers, for both owner occupiers and investors with principal and interest payments||2nd July||TBC|
|Bank Australia||25 bps||Variable mortgage interest rates for all owner occupier home loan and investment loan customers||24th June||TBC|
|Bank First||7-30 bps||Standard 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 June||TBC|
|Bank of Melbourne||20-35 bps||Variable 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 June||TBC|
|Bank of Sydney||20-25 bps||All standard variable interest rate for all home loans (25 points) and for all investment home loans (20 points)||25th June||TBC|
|BankSA||20-35 bps||Variable 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 June||TBC|
|Bankwest||25 bps||Standard variable rate mortgages||25th June||TBC|
|BCU||25 bps||variable OO home loans and variable investment home loans, available for new and existing customers||1st July||TBC|
|Bendigo Bank||20 bps||All new and existing owner occupier and investor principal & interest loan customers||28th June||TBC|
|BOQ||25 bps||All variable home loan rates with the exception of the Clear Path OO P&I home loan, which will drop by 15 (0.15%) basis points||25th June||TBC|
|Citi||25 bps||Variable home loan rates||25th June||TBC|
|Commonwealth Bank||25 bps||All variable home loan rates for new and existing customers||11th June||TBC|
|Community First Credit Union||Pending|
|Credit Union SA||Pending|
|CUA||10-25 bps||Most 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 June||TBC|
|Defence Bank||25 bps||All variable rate home loans||25th June||TBC|
|Gateway Bank||25 bps||New and existing members of all of Gateway Bank’s variable owner-occupied and investment loans||25th June||TBC|
|G&C Mutual Bank||Pending|
|Greater Bank||25 bps||Variable base rate for Owner Occupied loans, Investment loans and Business loans||11th June||TBC|
|Heritage Bank||20 bps||Variable home loan rates||21st June||TBC|
|Homestar Finance||25 bps||New Customer Only||4th June||3.29%|
|HSBC||22 bps||Variable home loan interest rates for owner occupier and investors||17th June||TBC|
|Hunter United||25-41 bps||Variable 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 June||TBC|
|IMB Bank||25 bps||Residential and business lending products||21st June||TBC|
|ING||25 bps||All new and existing customers with an ING variable rate home loan||25th June||TBC|
|Loans.com.au||20 bps||All exisiting and new variable home loan customers||14th june||TBC|
|Macquarie Bank||25 bps||All standard variable home loan interest rates||21st June||TBC|
|ME Bank||25 bps||All variable home loan rates||27th June||TBC|
|NAB||25 bps||All variable home loan interest rates for new and existing customers||14th June||TBC|
|Newcastle Permanent||25 bps||Standard variable home loans across owner occupier and investment products||17th June||TBC|
|People’s Choice CU||25 bps||Standard variable home loan rates for existing members and variable business loan rates||25th June||TBC|
|Pepper Money||25 bps||Standard variable residential home loans||24th June||TBC|
|P&N Bank||18-39 bps||Entire 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 June||TBC|
|Qudos Bank||25 bps||Standard Variable home loans accross owenr occupier and investment products||17th June||TBC|
|RACQ Bank||25 bps||All exisiting Variable home loans||from next week'||TBC|
|RAMS||20-35 bps||Variable 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 June||TBC|
|Reduce Home Loans||25 bps||New Customers||18th June||TBC|
|Regional Australia Bank||Pending|
|St. George Bank||20-35 bps||18th June||TBC|
|Suncorp Bank||20 bps||Variable home loans, for owner occupiers and investors||21st June||TBC|
|The Mutual Bank|
|Teachers Mutual Bank||Pending|
|Tic:Toc Home Loans||Pending|
|UBank||25 bps||All 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 June||TBC|
|Virgin Money||22 bps||Exisiting owner occupiers and investors||25th June||TBC|
|Westpac||20-35 bps||All 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 June||TBC|
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.
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.
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 4.00%/4.00%.
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