ME Bank announces July home loan rate cuts

ME Bank has announced it will cut interest rates for all existing variable home loan customers by 0.15%, after passing on the full RBA rate cut in June.

The effective date for the latest reduction in variable home loan rates is 23 July. 

ME bank said, "In setting interest rates ME considers the needs of all stakeholders while ensuring the pricing of all products remains sustainable."

Just hours after the RBA announced they are further dropping the cash rate by 0.25% today, non-bank lenders were slashing rates ahead of the Big four.

Athena home loans announced it will be passing on the full rate cut.

Another passing on the full rate cut with rates as low as 2.89% is Reduce Home Loans.

Both Reduce Home Loans and Athena's cuts are effective immediately.

Reduce Home Loans was awarded Australia’s Cheapest Home Loan by Money magazine in 2016, 2017, 2018 and 2019.

Resimac and subsidiary State Custodians have both announced they will be passing on the full July RBA rate cut, effective July 24.

The Big Four were slower facing a blitz of quick cuts from non-bank lenders, however they have all announced their proposed rate changes which can be seen below.

(Source: Ratecity.com.au)