Rate update: who’s moved since Tuesday’s cash rate cut

Rate update: who’s moved since Tuesday’s cash rate cut
Rate update: who’s moved since Tuesday’s cash rate cut

Twenty-five lenders have announced rate cuts for their variable rate home loan customers since the RBA cut the cash rate on Tuesday.

So far eight lenders have confirmed they will be passing on the full 0.25% cut to all their variable rate customers.

Just four of these lenders – RACQ, Athena, Homestar Finance and Newcastle Permanent – passed on the full cut the month before.

The average home loan rate cut to be passed on in July is currently around 0.22%, as several lenders opt to pass on less than they did in June including CBA, NAB, ING, Macquarie Bank and Suncorp.

Lender

July rate change

Date effective

June cut (for owner occupied)

New lowest ongoing variable rate

ANZ

0.25%

12-Jul

0.18%

3.38%

Athena

0.25%

2-Jul

0.25%

3.09%

Aussie

Up to 0.20%

From 18 July

0.25%

TBA

Bank of Melbourne

0.20%

16-Jul

0.20%

3.39%

BankSA

0.20%

16-Jul

0.20%

3.39%

Bankwest

0.19%

23-Jul

0.25%

3.70%

CBA

0.19%

23-Jul

0.25%

3.35%

Firstmac

0.25%

26-Jul

0.20%

3.53%

Greater Bank

Up to 0.25%

29-Jul

0.25%

3.32%

Homestar Finance

0.25%

2-Jul

0.25%

2.99%

ING

0.20%

18-Jul

0.25%

3.14%

Loans.com.au

0.25%

26-Jul

0.20%

3.03%

Macquarie Bank

0.20%

18-Jul

0.25%

3.24%

ME Bank

0.15%

23-Jul

0.25%

3.39%

NAB

0.19%

12-Jul

0.25%

3.35%

Newcastle Permanent

0.25%

29-Jul

0.25%

3.24%

RACQ

0.25%

From 8 July

0.25%

3.19%

RAMS

0.20%

16-Jul

0.20%

4.01%

Reduce

Up to 0.22%

2-Jul

Up to 0.25%

2.89%

Resimac

0.25%

24-Jul

Various

3.21%

St George

0.20%

16-Jul

0.20%

3.38%

State Custodians

Up to 0.25%

24-Jul

N/A

N/A

Suncorp

0.19%

19-Jul

0.20%

3.30%

The Mutual

Up to 0.20%

19-Jul

0.25%

TBA

Westpac

0.20%

16-Jul

0.20%

3.58% 

Keep across the changes with RateCity.com.au’s live list of who is cutting, by how much and when.

RateCity.com.au research director Sally Tindall said: “The RBA has made it clear further reductions to the cash rate could be needed, but banks are increasingly finding it difficult to pass these cuts on to their home loan customers in full. 

“They’re juggling depositors, borrowers and shareholders in what is becoming an increasingly difficult equation. 

“A lot of lenders are taking their time to consider their options following this most recent cut.

“If the cash rate falls any further, an increasing number of savings accounts are likely to hit 0.00% interest.”

Tags: 
cash rate Ratecity.com.au

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