Just six out of 41 lenders have passed on full rate cut: Ratecity.com.au

Only six out of 41 lenders have passed on the full 25 basis points October RBA cash rate cut to their borrowers, according to analysis by mortgage comparison website Ratecity.com.au

Half of them have passed on 20 basis points.

The six lenders that have passed on the full rate cut to date are: bankmecu, Gateway Credit Union, ING Direct, MyRate, UBank and Yellow Brick Road.

Bankmecu offers the lowest standard variable rate of the 41 lenders to have announced rate cuts, with a 5.49% offering, followed by non-bank lender Pacific Mortgage Corp (5.52%), NAB’s online brand UBank (5.57%) and non-bank lender State Custodians (5.64%).

The highest standard variable rate is 7.2% from Arab Bank Australia.

“On the savings front, UBank is the only institution to so far announce a rate drop to its online savings account, passing on the full 25 basis point cut. We’re expecting more institutions to drop their savings rates in the coming weeks,” says Ratecity.com.au spokesperson Michelle Hutchison. 

Company

SVR
change

New SVR

diff/month
for $300K

Adelaide Bank

-0.20%

6.01%

-$38.77

AMP Bank

-0.17%

6.70%

-$33.95

Arab Bank
Australia

-0.20%

7.20%

-$40.77

Bankmecu

-0.25%

5.49%

-$47.33

Bank of
Melbourne

-0.20%

6.60%

-$39.80

Bank SA

-0.18%

6.67%

-$35.91

Bankwest

-0.19%

6.59%

-$37.79

Bendigo Bank

-0.19%

6.71%

-$37.98

BOQ

-0.20%

6.71%

-$39.98

Coastline
Credit Union

-0.20%

5.79%

-$38.37

Commonwealth
Bank

-0.20%

6.60%

-$39.80

CUA

-0.20%

6.05%

-$38.84

Gateway
Credit Union

-0.25%

6.19%

-$48.92

Greater Building
Society

-0.15%

6.25%

-$29.37

Heritage Bank

-0.20%

6.34%

-$39.36

Homeloans

-0.20%

5.79%

-$38.37

HomeSide Lending

-0.20%

6.61%

-$39.82

Hume Building
Society

-0.20%

6.20%

-$39.11

ING DIRECT

-0.25%

6.09%

-$48.70

Macarthur Credit
Union

-0.15%

6.40%

-$29.56

Macquarie Bank

-0.20%

6.65%

-$39.88

ME Bank

-0.20%

6.08%

-$38.90

MyRate

-0.25%

5.92%

-$48.32

MyState

-0.21%

6.59%

-$41.78

nab

-0.20%

6.58%

-$39.77

Newcastle
Permanent

-0.20%

6.25%

-$39.20

Pacific Mortgage
Group

-0.20%

5.52%

-$37.87

Police Credit

-0.20%

6.19%

-$39.09

Police Credit
Union

-0.20%

6.24%

-$39.18

RAMS Home
Loans

-0.20%

6.55%

-$39.71

RESI Mortgage
Corp

-0.20%

6.09%

-$38.92

SCU

-0.15%

6.44%

-$29.61

SGE Credit Union

-0.18%

6.27%

-$35.29

St George Bank

-0.17%

6.69%

-$33.94

State Custodians

-0.18%

5.64%

-$34.27

Suncorp Bank

-0.19%

6.69%

-$37.94

UBank

-0.25%

5.57%

-$47.52

Unicredit-WA

-0.15%

5.70%

-$28.62

Westpac

-0.18%

6.71%

-$35.97

Yellow Brick
Road

-0.25%

6.19%

-$48.92


Source: Ratecity.com.au

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

Comments

Be the first one to comment on this article
What would you like to say about this project?