RBA cuts the cash rate, which banks have moved?



article header

Following the RBA’s cash rate cut, all eyes are on lenders to see if they intend to pass this cut on. A full list of lenders who have announced their lowering rates is below.

Company Cut* Effective Date Notes
AMP Bank 0.20% 20/05/2016   Effective 23 May for existing customers
ANZ 0.19% 13/05/2016  
Australian Military Bank 0.25% 27/06/2016  
Auswide Bank 0.20% 25/05/2016   0.15% for investors
Bank of Melbourne 0.25% 23/05/2016  
BankSA 0.25% 23/05/2016  
BankVic 0.25% 16/05/2016  
Bankwest 0.20% 20/05/2016  
Bendigo Bank 0.20% 30/05/2016   0.15% for investors
BOQ 0.25% 18/05/2016  
Citibank 0.21% 23/05/2016  
Coastline Credit Union 0.25% 16/05/2016  
Commonwealth Bank 0.25% 20/05/2016  
CUA 0.25% 19/05/2016   0.20% for investors
First Option Credit Union 0.25% 9/05/2016   Effective 1 June for existing customers
Firstmac 0.25% 23/05/2016  
G&C Mutual Bank 0.12% 6/05/2016   0.12% only applies to some products
Greater Bank 0.25% 9/05/2016   Effective 16 May for existing customers
Heritage Bank 0.20% 23/05/2016  
Homestar Finance 0.25% 5/05/2016  
HSBC 0.25% 23/05/2016  
IMB 0.25% 23/05/2016  
ING DIRECT 0.25% 20/05/2016  
Loans.com.au 0.25% 4/05/2016   Effective 23 May for existing customers
ME Bank 0.05% 16/05/2016  
ME Bank 0.05% 16/05/2016  
Mortgage House 0.25% 6/05/2016   Effective 27 May for existing customers
NAB 0.25% 16/05/2016  
Newcastle Permanent 0.25% 19/05/2016  
P&N Bank 0.14% 5/05/2016   On one product. No change for the others.
Pacific Mortgage Group 0.25% 16/05/2016  
Qudos Bank 0.25%    
Queensland Police Credit Union 0.25% 23/05/2016  
RAMS 0.25% 23/05/2016  
Reduce Home Loans 0.20% 5/05/2016  
St.George Bank 0.25% 23/05/2016  
Summerland Credit Union 0.25%    
Suncorp Bank 0.20% 25/05/2016   0.15% for investors
Teachers Mutual Bank 0.25% 12/05/2016   Effective 1 June for existing customers
UBank 0.25% 16/05/2016  
Westpac 0.25% 23/05/2016  
Yellow Brick Road 0.25% 9/05/2016   Effective 25 May for existing customers
Your Credit Union 0.25% 1/06/2016  

The table above shows all lenders who have identifed a rate cut. Cuts listed are the max rate cut applied to variable rate products  For a full rate table click here. Calculate your change in monthly repayments here.

So has your lender cut?

If not, there’s still time as lenders are expected to be passing on the cash rate cut for another couple of weeks. If you’re sick of waiting for your lender to take action though there’s never been a better time to take the lead.

With the cash rate at a new historic low, and lenders working even harder to compete for customer’s business, negotiating a better rate from your lender or taking your business elsewhere has never been easier.

If your lender hasn’t moved their rate, or you’re currently paying above 4 per cent, now is the time to use the market to your advantage. Contacting your lender and negotiating an interest rate cut should be your first step but if you’re not making any headway it could be time to switch lenders.

Time to refinance  

If you’re considering refinancing to get a better home loan rate the first step is doing some sums to make sure it’s the best move for you. A home loan may have a better interest rate than the one that you’re currently on but if you’re near the end of your loan and you will have to pay application fees to start up a new loan it may not be worth the time and money.

If you do work out the costs and refinancing is the best way to go then the next step is starting to search the market. Using the RateCity comparison table is a great way to sort home loans by interest rate and comparison rate to get a good understanding of the loan’s competitiveness.

You can also use the search filters to find loans that are best suited to your needs by selecting the features you want, the purpose of your loan and the amount you need to borrow. 

Related links 

Advertisement

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on