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Suncorp, HSBC & Bankwest: who’s cut home loan rates so far?

Suncorp, HSBC & Bankwest: who’s cut home loan rates so far?

Two days on from the Reserve Bank of Australia's decision to cut rates, and we've only seen a small group of lenders announce rate cuts.

As of October 3rd, just over 20 Australian lenders have announced plans to cut home loan interest rates.

State of play: which lenders have announced cuts to home loan rates

Lender

Rate cut for variable home loans (%)

Date effective

ANZ

-0.14

October 11th 2019

Athena Home Loans

-0.25

October 1st 2019

Auswide Bank

-0.25

October 3rd 2019

Bank of Melbourne

-0.15

October 16th 2019

BankSA

-0.15

October 16th 2019

Bankwest

-0.13

October 16th 2019

Commonwealth Bank of Australia

-0.13

October 22nd 2019

Freedom Lend

-0.25

October 2nd 2019

Homestar Finance

-0.25

October 1st 2019

HSBC

-0.15

October 21st 2019

Macquarie Bank

-0.15

October 17th 2019

ME Bank

-0.15

October 24th 2019

NAB

-0.15

October 11th 2019

P&N Bank

-0.16

October 15th 2019

RACQ Bank

-0.15

October 8th 2019

RAMS

-0.15

October 16th 2019

Reduce Home Loans

-0.2

October 1st 2019

St.George Bank

-0.15

October 16th 2019

Suncorp Bank

-0.15

October 18th 2019

UBank

-0.25

October 29th 2019

Westpac

-0.15

October 16th 2019


CommBank and NAB were the first of the Big Four Banks to announce cuts on Tuesday, reducing rates by 0.13 per cent and 0.15 per cent respectively

Wednesday Westpac and ANZ followed, dropping interest rates by less than the full 25 basis point cut the Reserve Bank of Australia (RBA) made.

Now the Big Four Banks have moved, it's expected that the other lenders will follow shortly.

Tip

Has your lender announced rate cuts yet? Keep track of rate changes with our RateCity Rate Tracker

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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