CommBank, Westpac, NAB, ANZ + more banks rush to cut home loan rates as RBA lowers cash rate
They're all passing on the full 25 basis point cut.
The RBA cut the cash rate by 25 basis points today and the Commonwealth Bank, NAB and Westpac rushed to announce they're passing on the cuts to borrowers.
Athena, plus St.George, Bank of Melbourne and BankSA were also quick to announce cuts. ANZ followed shortly after.
| Lender | Lowest effective variable rate* | Effective date |
|---|---|---|
| Athena | 5.99% | 18 February |
| CommBank | 5.90% | 28 February |
| NAB | 6.19% | 28 February |
| Westpac | 6.19% | 04 March |
| St.George | 6.04% | 04 March |
| Bank of Melbourne | 6.04% | 04 March |
| BankSA | 6.04% | 04 March |
| ANZ | 5.84% | 28 February |
| Bankwest | 5.99% | 28 February |
| Suncorp | 5.88% | 28 February |
| Unloan | 5.74% | 21 February |
| Macquarie Bank | 5.89% | 28 February |
| ING | 5.89% | 04 March |
| HSBC | 5.74% | 10 March |
| Bendigo Bank | 5.84% | 07 March |
| AMP | 5.89% | 28 February |
| Resimac | 6.14% | 05 March |
| Aussie | 5.89% | 07 March |
| Firstmac | 6.03% | 04 March |
| RACQ Bank | 5.64% | 04 March |
| Homestar | 5.74% | 28 February |
| Bank First | 5.74% | 27 February |
| Pepper Money | 6.59% | 05 March |
| Gateway Bank | 5.70% | 25 February |
| Heritage Bank | 5.74% | 04 March |
| Broken Hill Bank | 6.64% | TBC |
| UniBank | 5.74% | 28 February |
| resi | 5.89% | 28 February |
| Warwick Credit Union | 6.14% | 27 March |
| BankWAW | 5.54% | TBC |
| Adelaide Bank | 5.99% | 07 March |
| AusWide Bank | 5.84% | 28 February |
| MyState Bank | 5.79% | 04 March |
| Australian Unity | 5.78% | 03 March |
| First Option Bank | 5.74% | 01 March |
| The Mutual | 5.64% | 04 March |
| Well Money | 5.81% | 07 March |
| Unity Bank | 5.74% | 01 March |
| bcu | 5.74% | 05 March |
| ME Bank | 5.88% | 08 March |
| Defence Bank | 6.19% | 27 February |
| MOVE Bank | 5.69% | 01 March |
| NRMA | 5.78% | 07 March |
| Summerland Bank | 5.49% | TBC |
| Teachers Mutual Bank | 5.74% | 28 February |
| Reduce | 5.74% | TBC |
| Sucasa | 6.05% | 28 February |
| Border Bank | 5.59% | 28 February |
| Southern Cross Credit Union | 6.23% | 03 March |
| loans.com.au | 5.79% | 04 March |
| Coastline Credit Union | 6.69% | 28 February |
| Up Bank | 5.75% | 01 March |
| Homeloans.com.au | 6.14% | 05 March |
| Hume Bank | 5.74% | 03 March |
| G&C Mutual Bank | 5.49% | 01 March |
| Credit Union SA | 5.79% | 05 March |
| Ubank | 5.84% | 27 February |
| IMB | 5.79% | 04 March |
| Police Bank | 5.59% | 28 February |
| The Mac | 5.67% | TBC |
| Community First Bank | 5.69% | 12 March |
| Bank of Sydney | 5.79% | 12 March |
| BankVic | 5.74% | 04 March |
| Horizon Bank | 5.64% | 28 February |
| Qudos Bank | 5.69% | 27 February |
| People's Choice | 5.64% | 04 March |
| Firefighters Mutual Bank | 5.74% | 28 February |
| Geelong Bank | 5.89% | 05 March |
| Bank Australia | 5.88% | 04 March |
| Newcastle Permanent | 5.74% | 07 March |
| Great Southern Bank | 5.89% | 04 March |
| Arab Bank Australia | 5.50% | 04 March |
| Regional Australia Bank | 5.69% | 04 March |
| Yellow Brick Road | 7.39% | 28 February |
| Greater Bank | 5.74% | 07 March |
| Queensland Country Bank | 5.64% | 11 March |
| Bluestone | 6.79% | 05 March |
| Bank of Queensland | 5.93% | 07 March |
| Beyond Bank | 6.04% | 04 March |
| Australian Military Bank | 6.18% | 04 March |
| Qantas Money | 5.88% | 07 March |
| Tiimely | 5.74% | 07 March |
| Pacific Mortgage Group | 5.64% | TBC |
| Illawarra Credit Union | 5.69% | 5 March |
| Yard | 5.89% | 07 March |
| P&N Bank | 5.88% | 05 March |
| Cairns Bank | 5.99% | 8 March |
| Easy Street | 5.79% | 12 March |
| NICU | 5.74% | 1 March |
| Transport Mutual | 6.69% | 21 February |
| Bank of us | 5.89% | 12 March |
| Laboratories Credit Union | 5.70% | 01 March |
| QBank | 5.74% | 11 March |
| Fire Service Credit Union | 5.84% | TBC |
| Australian Mutual Bank | 5.44% | 01 March |
| Bank Orange | 5.69% | 06 March |
| Mortgage House | 6.19% | 18 February March |
| Bank of China | 5.68% | 4 March |
| Police Credit Union | 5.74% | 1st April |
| Woolworths Team Bank | 6.09% | TBC |
| Southwest Slopes Bank | 6.35% | 04 March |
| Family First Credit Union | 5.69% | TBC |
| Dnister | 5.79% | 27 February |
| Central West Credit Union | 6.04% | 25 February |
| Goulburn Murray Credit Union | 5.94% | 01 March |
Which lenders are cutting?
So far the Commonwealth Bank, NAB, ANZ and Westpac (including St.George, BankSA and Bank of Melbourne) have all announced cuts. All the banks announced within minutes of the RBA's decision.
Online lender Athena passed the full cut onto borrowers right away and effective immediately.
More lenders will announce cuts over the following days.
How much will these rate cuts save you?
These rate cuts could save the average borrower around $100 a month or $1,200 a year.
If you borrowed $600,000 at 6.00% over 30 years, a 25 basis point cut would save you $96 a month.
If you borrowed $800,000 at 6.00% over 30 years, a 25 basis point cut would save you $128 a month.
With a $1 million loan you'd save $160 a month or $1,920 a year.
My lender hasn't announced a cut yet, what do I do?
Lenders often take a few days to announce a cut or tell their customers. And many of the cuts announced today won't take effect until later in February or even early March.
But it's worth comparing rates from across the market so you know who is cutting rates and who is offering a really good deal.
And if your lender isn't budging, it's time to refinance.
Compare cheaper home loan rates right now.
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