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14 more lenders drop home loan rates
HSBC, Bankwest, AMP and Bendigo Bank are among 14 lenders to cut home loan interest rates since the last RateCity.com.au update yesterday.
HSBC is not passing on the full 0.25 per cent RBA cut, instead opting to drop their variable home loan rates by 0.22 per cent. That takes HSBC’s lowest owner-occupier interest rate to 3.47 per cent, effective from Monday 17 June.
BankWest has passed on Tuesday’s RBA rate cut in full, and the lowest owner-occupier rate it offers is now 3.89 per cent, which will be available from June 25.
Keep across the changes with RateCity’s live list of who is cutting, by how much and when: https://www.ratecity.com.au/rba-cash-rate.
Here’s the list of lenders who have cut since our last update:
- Adelaide Bank (-0.20%)
- AMP (-0.25%)
- Aussie (-0.25%)
- Bank Australia (-0.25%)
- BankWest (-0.25%)
- Bendigo Bank (-0.20%)
- Citi (-0.25%)
- CUA (up to -0.25%)
- Heritage Bank (-0.20%)
- HSBC (-0.22%)
- IMB (-0.25%)
- ME Bank (-0.25%)
- Pepper Money (-0.25%)
- UBank (-0.25%)
The full list of lenders who have cut are:
| Lender | Rate change | Date effective | Lowest ongoing variable rate | Comments |
|---|---|---|---|---|
| CBA | -0.25% | 25/06/2019 | 3.54% | |
| Westpac | -0.20% | 18/06/2019 | 3.78% | Investors on IO get -0.35% |
| NAB | -0.25% | 14/06/2019 | 3.54% | |
| ANZ | -0.18% | 14/06/2019 | 3.63% | |
| Adelaide Bank | -0.20% | 28/06/2019 | 3.67% | IO customers -0.15% cut |
| AMP Bank | -0.25% | 21/06/2019 | 3.49% | 24 June for existing customers |
| Athena Home Loans | -0.25% | 04/06/2019 | 3.34% | |
| Aussie | -0.25% | 21/06/2019 | 3.69% | Some changes 27 June |
| Auswide Bank | -0.25% (up to) | 06/06/2019 | 3.69% | Only cut on one product |
| Bank Australia | -0.25% | 24/06/2019 | 3.44% | |
| Bank of Melbourne | -0.20% | 18/06/2019 | 3.54% | |
| BankSA | -0.20% | 18/06/2019 | 3.59% | |
| BankWest | -0.25% | 25/06/2019 | 3.89% | |
| BCU | -0.25% | 01/07/2019 | 3.54% | |
| Bendigo Bank | -0.20% | 28/06/2019 | 3.59% | IO customers -0.15% cut |
| BOQ | -0.25% (up to) | 25/06/2019 | 3.74% | Clear Wealth customers -0.15% |
| Citi | -0.25% | 25/06/2019 | 4.27% | |
| CUA | -0.25% (up to) | 18/06/2019 | 3.50% | Some customers as little as 0.10% |
| Greater Bank | -0.25% | 11/06/2019 | 3.57% | |
| Heritage Bank | -0.20% | 21/06/2019 | 3.57% | |
| Homestar Finance | -0.25% | 04/06/2019 | 3.24% | |
| HSBC | -0.22% | 17/06/2019 | 3.47% | |
| IMB | -0.25% | 21/06/2019 | 3.54% | |
| ING | -0.25% | 25/06/2019 | 3.34% | |
| Macquarie Bank | -0.25% | 21/06/2019 | 3.44% | |
| ME Bank | -0.25% | 27/06/2019 | 3.54% | |
| Newcastle Permanent | -0.25% | 17/06/2019 | 3.47% | |
| Pepper | -0.25% | 24/06/2019 | 3.91% | |
| Qudos Bank | -0.25% (up to) | 25/06/2019 | N/A | |
| RACQ Bank | -0.25% | 12/06/2019 | 3.44% | |
| RAMS | -0.20% | 18/06/2019 | 3.79% | |
| Reduce Home Loans | -0.25% | 04/06/2019 | 3.19% | current customers up to -0.25% |
| St.George Bank | -0.20% | 18/06/2019 | 3.58% | |
| Suncorp Bank | -0.20% | 21/06/2019 | 3.49% | |
| UBank | -0.25% | 28/06/2019 | 3.34% | |
| Virgin Money | -0.22% | 25/06/2019 | 3.56% |
Credit cards
RateCity.com.au is not expecting many credit card rates to come down as a result of Tuesday’s cut to the cash rate, although low rate credit card provider, Auswide, did cut its credit card rate to 9.20 per cent following the RBA’s cash rate decision.
RateCity.com.au research director Sally Tindall said, “most credit card customers are going to be disappointed if they expect their provider to drop its credit card rate on the back of Tuesday’s RBA cut.”
“The best way you can get a credit card rate cut, is to shop around and find one yourself.”
“If you move from the average credit card rate of around 17 per cent, to the lowest rate on the market, you could knock almost 10 percentage points off your credit card interest rate,” she said.
The average credit card rate on RateCity.com.au: 17.2%
Low rate credit cards
| Lender | Name | Rate |
|---|---|---|
| G&C Mutual Bank | Low Rate Visa Card | 7.49% |
| American Express | Low Rate Card | 8.99% |
| Community First CU | Low Rate card | 8.99% |
| Easy Street | Easy Low Rate | 8.99% |
| Northern Inland CU | Low Rate Visa | 8.99% |
Disclaimer
This article is over two years old, last updated on June 7, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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