From St George’s 18-basis-point cut to ANZ’s 25 bps: a guide to standard variable mortgage rates

Unicredit WA Mutual Bank, which passed on all 25 basis points from the RBA’s cash rate cut to borrowers, is offering one of the lowest standard variable mortgage rates at 5.85%.

The tiny lender, born out of the Chemistry Department at the University of Western Australia in 1964, has a standard variable rate that is 94 basis points below that of the average of the big four banks.

NAB was the last of the major banks to cut its variable mortgage, reducing its benchmark variable rate product by 21 basis points just before 6pm as the Queen’s birthday long weekend began on Friday.

This allowed NAB to keep its promise – just - of having the lowest standard variable rate of the big four banks – with a new rate of 6.78% from next Monday.

The standard variable rate gap between Westpac and the next cheapest – ANZ and the Commonwealth Bank – has widened.

The 19 basis points cut by the Bank of Melbourne (BoM) pipped rival Westpac brand NSW-based St.George's 18 basis point rate cut.

This took BoM's SVR down to 6.80% compared to St.George's 6.86%, with the bank far more ebulient in its media statement.

“With our new standard variable rate and market?leading fixed rate offers, together with the great life of loan discounts available under our Advantage Package, Bank of Melbourne is providing Victorians with some of the best home loan deals available,” said BoM chief executive, Scott Tanner. “It’s a great time forcustomers ? new or existing ? to speak to us to ensure that they are on the right home loan for them and maximising all of the benefits available.”

"This is good news for our customers," said St George Bank's general manager of retail banking Andy Fell in a statement.

Here’s a guide to the new standard variable rates of the major banks as well as some of the lowest standard variable rate offerings.

All rates correct as of 2pm, June 13.

5.85%

The new standard variable home loan rate of Unicredit WA Mutual Bank

6.02%

The standard variable home loan rate being offered by State Custodians Mortgage Company

6.22%

The new standard variable home loan rate of ING Direct’s Mortgage Simplifier variable home loan from June 15

6.28%

The new standard variable home loan rate of ME Bank

6.40%

The new standard variable home loan rate of Greater Building Society from June 15

6.75%

The new standard variable home loan rate of RAMS from June 15

6.78%

The new standard variable home loan rate of NAB and BankWest from June 18

6.80%

The new standard rate of ANZ (June 12), the Commonwealth bank (June 18) and Bank of Melbourne (June 18)

6.85%

The new standard variable home loan rate of BankSA from June 18.

6.86%

The new standard variable home loan rate of St George from June 18.

6.89%

The new standard variable home loan rate of Westpac from June 18

6.90%

The new standard variable home loan rate of Bendigo Bank from June 25

6.91%

The new standard variable home loan rate of Bank of Queensland from June 16