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 | New SVR | diff/month |
Adelaide Bank | -0.20% | 6.01% | -$38.77 |
AMP Bank | -0.17% | 6.70% | -$33.95 |
Arab Bank | -0.20% | 7.20% | -$40.77 |
Bankmecu | -0.25% | 5.49% | -$47.33 |
Bank of | -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 | -0.20% | 5.79% | -$38.37 |
Commonwealth | -0.20% | 6.60% | -$39.80 |
CUA | -0.20% | 6.05% | -$38.84 |
Gateway | -0.25% | 6.19% | -$48.92 |
Greater Building | -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 | -0.20% | 6.20% | -$39.11 |
ING DIRECT | -0.25% | 6.09% | -$48.70 |
Macarthur Credit | -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 | -0.20% | 6.25% | -$39.20 |
Pacific Mortgage | -0.20% | 5.52% | -$37.87 |
Police Credit | -0.20% | 6.19% | -$39.09 |
Police Credit | -0.20% | 6.24% | -$39.18 |
RAMS Home | -0.20% | 6.55% | -$39.71 |
RESI Mortgage | -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 | -0.25% | 6.19% | -$48.92 |
Source: Ratecity.com.au