Which banks have cut home loan interest rates?

This article will be updated as lenders announce rate cuts.

The Reserve Bank cut interest rates at 2.30pm on Tuesday 3 March 2020 by 0.25 percentage points to a new historic low of 0.50%.

This cut was in response to the growing economic and financial threat to Australia from the coronavirus, said the RBA in a statement.

The following banks have already announced they will pass on the full 0.25% RBA rate cut their variable rate home loan customers:

Update: 12.00pm 11 March 2020

Well Home Loans announces new lowest home loan rate

Well Home Loans has announced that it will pass on the full RBA rate cut of 0.25% to new and existing variable rate home loan customers.

Well Home Loans’ new Well Balanced home loan rate is 2.47% pa (comparison rate 2.50% pa). Go direct to Well Home Loans home loan interest rates and fees information at InfoChoice.

FreedomLend has a new amazing investor rate

FreedomLend has cut rates on its range of variable and fixed rate loans. FreedomLend’s Investment Special Variable P&I 90% home loan now has a rate of 2.89% pa (comparison rate 2.97% pa).

Go direct to FreedomLend’s home loan interest rate and fees information at InfoChoice.

UBank now has a comparison rate of 2.84% pa

UBank’s $200K) (opens in a new tab)”>Discount Offer for Owner Occupied Variable P&I (>$200K) has a new headline and comparison rate of 2.84% pa for LVRs up to 80%. Go direct to UBank home loan interest rates and fees information at InfoChoice.

The big four bank rate cuts, March 2020

All four big four banks announced rate cuts of 0.25 per centage points on 3 March 2020. The Commonwealth Bank is waiting the longest to implement the change, with the CBA rate cuts not effective for almost three weeks, until the 24 March 2020. T

Commonwealth Bank statement on interest rate cuts:

Commonwealth Bank has reduced Owner Occupied Principal and Interest Standard Variable Rate home loans by 0.25% per annum (p.a.) to 4.55% p.a. Go directly to Commonwealth Bank home loan interest rate, comparison rate and fees information at InfoChoice.

CBA senior executive Angus Sullivan said: Australia faced a “unique set of circumstances.”

“We encourage customers to take advantage of these record low interest rates and contact us to reduce their minimum repayment,” said Mr Sullivan.

When are Commonwealth Bank’s rate cuts effective?

Commonwealth Bank says the new variable rates will take effect on 24 March 2020 “to ensure the changes are made accurately, safely and reliably to our technology systems.”

“This timeframe is consistent with previous rate changes.”

Go directly to Commonwealth Bank home loan interest rate and fees information.

Westpac statement on interest rate cuts:

Westpac announced it will decrease variable interest rates by 0.25% per annum (p.a.) for home loan customers and some small business loans and overdrafts. Westpac’s variable home loan (owner occupier) rate has been reduced by 0.25% p.a. to 4.58% p.a. for customers with principal and interest repayments. Go directly to Westpac Bank home loan interest rate, comparison rate and fees information at InfoChoice.

“We recognise that COVID-19 (coronavirus) will have a direct impact on our nation’s economy,” said Westpac chief executive David Lindberg.

“And we want to provide additional support to our small business and home loan customers at this unprecedented time,”, Consumer said.

When are Westpac’s rate cuts effective?

Westpac says their March home loan rate cuts will come into effect on Tuesday 17 March 2020.

Go directly to Westpac Bank home loan interest rate, comparison rate and fees information at InfoChoice.

NAB statement on interest rate cuts:

NAB today announced reductions of 0.25 percentage points to variable home loan interest rates and to variable small business loans and overdrafts.

NAB’s advertised Tailored Home Loan variable rate (OO, P&I) will fall from 4.77% pa to 4.52% pa. Go directly to NAB home loan interest rate and fees information at InfoChoice.

NAB said in a statement that owner-occupier customers paying principal and interest on a 30-year $400,000 mortgage will benefit from this cut by saving $720 a year.

“Added to 0.59 percentage points of rate cuts made last year, these customers could save $2,460 a year,” said the NAB statement.

NAB senior executive Mike Baird said NAB considered the “unprecedented challenges of the low interest-rate environment and impacts of the bushfires and coronavirus outbreak on our customers and the broader economy.”

NAB has delivered the largest standard variable home loan rate cuts of the major banks over the past 12 months and maintained the lowest SVR for more than a year said Mr Baird.

When are NAB’s rate cuts effective?

NAB’s March rate cuts to variable rate home loans are effective from the 13 March 2020.

Go directly to NAB home loan interest rate and fees information at InfoChoice.

ANZ Bank statement on interest rate cuts:

ANZ Bank announced it will decrease variable interest home loan rates by between 0.25% pa to 0.35% pa across its range of variable rate home loans.

Standard Variable Rate Owner Occupiers paying Principal & Interest will see their advertised rate fall 0.25% to 4.54%pa, said ANZ Bank.

Go directly to ANZ Bank home loan interest rate, comparison rate and fees information at InfoChoice.

ANZ senior executive Mark Hand said coronavirus was having a significant impact already on the global economy.

“ANZ is prepared to play its role in supporting both our customers and the broader economy through this period of uncertainty.

Borrowers can request a decrease their monthly minimum payments said Mr Hand.

“ANZ is also providing the necessary financial support to business customers experiencing hardship due to the outbreak of COVID-19.”

ANZ Bank customers who would like assistance with interest rates or the financial impacts of COVID-19 should visit any ANZ branch or contact ANZ on 13 13 14, said Mark Hand.

When are ANZ Bank’s rate cuts effective?

All ANZ Bank variable rate reductions announced today are effective from Friday 13 March, 2020.

Go directly to ANZ Bank home loan interest rate, comparison rate and fees information at InfoChoice.

Athena Home Loans

Athena Home Loans statement on interest rate cuts:

“For the fourth time in a row, Athena has immediately passed on the full RBA rate cut to all customers,” said Nathan Walsh, CEO of Athena Home Loans.

“This is money that should be in the pockets of Aussie families.”

“Our owner occupiers on principal and interest now have a variable rate of 2.59 per cent pa and a comparison rate of 2.55 per cent pa,” said Nathan Walsh.

“We are determined to help our customers pay off their home loans faster and save a whole lot of money in the process.

“Property investors, who are often overlooked, are also winners with a comparison rate that now starts with a two.”

When are Athena Home Loans rate cuts effective?

Athena Home Loans says its rate cuts are effective “immediately.”

Nathan Walsh said other lenders had cost Australian households $350 million over the last three rate cuts by delaying passing RBA rate cuts for an average of two weeks.

Go directly to Athena Home Loans interest rate and fees information at InfoChoice.

Other banks to cut home loan rates by 0.25 percentage points:

Auswide Bank

Go directly to Auswide Bank interest rate and fees information at InfoChoice.

firstmac

Go directly to firstmac interest rate and fees information at InfoChoice.

Macquarie Bank

Go directly to Macquarie Bank interest rate and fees information at InfoChoice.

Suncorp Bank

Go directly to Suncorp Bank interest rate and fees information at InfoChoice.

Update: 6.00pm 4 March 2020

The following lenders have announced 0.25 percentage point cuts to their variable home loan rates (OO, P&I) today, 4 March.

Reduce Home Loans have cut rates by 0.25 percentage points to 2.44% pa on their Low Rider variable (OO, P&I) with a comparison rate of 2.47% pa.

Go directly to Reduce Home Loans interest rate and fees information at InfoChoice.

St. George Bank

St George Bank interest rate and fees information.

Bank Of Melbourne interest rate and fees information.

BankSA interest rate and fees information.

HomeStar interest rate and fees information.

Loans.com.au interest rate and fees information.

86 400 interest rate and fees information.

6.00pm 5 March 2020 Update

The following lenders have announced they will pass on the RBA’s 0.25 percentage point rate cut to their variable (OO, P&I) home loan customers today 5 March:

ING home loan interest rate and fees information.

BankVic home loan interest rate and fees information at InfoChoice.

UBank home loan interest rate and fees information at InfoChoice.

P&N Bank home loan interest rate and fees information at InfoChoice.

Newcastle Permanent home loan interest rate and fees information at InfoChoice.

MyState Bank home loan interest rate and fees information at InfoChoice.

ME Bank home loan interest rate and fees information at InfoChoice.

Well Home Loans said it was currently working with funders to work out how much rate cut it can pass on to customers.

Well Home Loans interest rate and fees information at InfoChoice.


Update 12.00pm Friday 6 March 2020

The following banks and lenders have announced they are passing on the RBA’s rate cut in full to their variable rate (OO, P&I) customers.

AMP Bank said it will reduce interest rates across all variable rate home loans by 0.25% p.a. and 3-year fixed rate loans.

Including a 0.64% p.a. drop in its 3-year Professional Package Owner Occupier Principal and Interest fixed rate to 2.49% p.a. (4.02% p.a. comparison rate). Variable changes are effective 30 March 2020 and fixed rate changes are effective 13 March 2020.

Go directly to AMP Bank home loan interest rate and fees information at InfoChoice.

Aussie has cut the Aussie Select home (OO, P&I and IO) for investors and owner occupiers by 0.25% pa for new and existing customers. Other loan rate cuts are pending.

Go directly to Aussie Home Loans interest rate and fees information at InfoChoice.

Australian Military Bank has announced it will pass on the full 0.25 bps rate cut to all existing variable home loans effective 26/3/2020.

Go direct to Australian Military Bank interest rate and fees information at InfoChoice.

Bank Australia announced yesterday it will cut rates for all variable rate home loans by 0.25% pa. The cut will take effect for all borrowers from 24 March 2020.

Go direct to Bank Australia interest rate and fees information at InfoChoice.

Bankfirst said: “In light of the RBA’s recent decision to reduce rates, we will pass on the 25 basis point rate cut in full by decreasing our home loan rates effective Wednesday 25 March 2020.”

Go direct to bankfirst home loan interest rate and fees information at InfoChoice.

Bank of Queensland is cutting investor home loan rates by 0.25 percentage points and owner-occupier loans by 0.17 percentage points.

Go direct to Bank of Queensland interest rate and fees information at InfoChoice.

Bank of Sydney said they are reducing their Standard Variable Interest Rate by 0.15% per annum for all Owner Occupied and Investment Home Loans.

Go direct to Bank of Sydney home loan interest rate and fees information at InfoChoice.

Bankwest announced it will reduce home loan interest rates on Standard Variable Rate (SVR) mortgages by 0.25% p.a.

Go direct to Bankwest home loan interest rate and fees information at InfoChoice.

bcu announced the full RBA rate reduction of 0.25% pa will be passed on to all variable home loan products, effective1 April 2020, for both owner occupier and investor loans.

Go direct to Banana Coast Credit Union home loan interest rate and fees information at InfoChoice.

Community First Credit Union said it will be passing on rate cuts to borrowers with variable home loans by at least 0.10%p.a. on 30th March 2020.

Go direct to Community First Credit Union home loan interest rate and fees information at InfoChoice.

Update 6.00pm 6 March 2020

The following lenders have announced rate cuts to home loans in response to the RBA’s rate cut on Tuesday:

CUA said it will lower interest rates by 0.25% p.a. across its variable owner-occupied and investor home loans.

CEO Paul Lewis said CUA “like all lenders, has a role to play to reassure our members in this unprecedented and uncertain economic environment.”

The new home loan rates will be effective from 24 March 2020 for all variable loan products, excluding CUA Rate Breaker, which will be effective on 21 April 2020.

Go direct to CUA home loan interest rates and fees information at InfoChoice.

Defence Bank said: “Following the Reserve Bank’s official cash rate drop by 25 basis points to 0.50%p.a., Defence Bank will reduce all new and existing variable rate home loans by 0.25% p.a., effective Thursday 12 March 2020.

Go direct to Defence Bank home loan interest rates and fees information at InfoChoice.

Geelong Bank said it will “make a decision over the coming week regarding both deposit and loan rate changes.  Any rate changes will take effect from 1 April 2020.”

Go direct to Geelong Bank home loan interest rates and fees information at InfoChoice.

Greater Bank said it will pass on the RBA rate cut to all existing variable Owner Occupied, Investment, Line of credit and Business loan base rates from Monday, 23 March 2020.

Go direct to Greater Bank interest rates and fees information at InfoChoice.

Heritage Bank said: Effective 25 March 2020, Heritage will reduce all owner occupier and investor variable home loan rates by 20 basis points for new and existing lending.

Credit card rates and our Standard Personal Loan variable rate will also be reduced by 25 basis points.

Go direct to Heritage Bank home loan interest rates and fees information at InfoChoice.

“HSBC Australia will reduce variable interest rates by 0.25% p.a. for home loan customers” said the bank in a statement. The change is effective Monday 23 March.

Go direct to HSBC home loan interest rates and fees information at InfoChoice.

“Hunter United will reduce interest rates on all variable interest rate home loans by 0.15% pa,” said the credit union in a statement this week.

“Reductions in interest rates will apply across all principal and interest loans as well as interest only loans for both owner occupiers and investors – effective 13th March 2020.”

Go direct to Hunter United home loan rates and fees information at InfoChoice.

“In response to the recent RBA cash rate change, the Credit Union has made the decision to reduce our variable owner-occupied and investment home loans by 0.25%, effective 1 April 2020.”

Go direct to Illawarra Credit Union home loan interest rate and fees information at InfoChoice.

Update: Monday 10 March 2020

IMB Bank said “We will be reducing variable home and business lending interest rates by 0.25% p.a.” for “new and existing borrowers for variable residential owner occupied and investment home loans, residential equity lines and variable business loans, effective Tuesday, 24 March 2020.”

Go direct to IMB Bank home loan interest rate and fees information at InfoChoice.

Move Bank said “We have made the decision to reduce the interest rate on our Straightforward Home Loan by 0.10% for loans over $500,000.”

Go direct to Move Bank interest rates and fees information at InfoChoice.

Newcastle Permanent said it will pass on the full 0.25% p.a. reduction to all standard variable home loan interest rate customers, effective from 24 March 2020.

Go direct to Newcastle Permanent home loan rates and fees information at InfoChoice.

Pepper Money have reduced its rates for existing home loan customers by up to 0.25% from 16 March 2020. Pepper has cut 0.20% pa from Prime loans, 0.20% from near prime loans and 0.25% pa from specialist loans.

Go direct to Pepper Money home loan interest rates and fees information at InfoChoice.

Qudos Bank said they are passing on the RBA’s 0.25% pa rate cut to new and existing variable rate home loan customers from Monday 23rd March.

Go direct to Qudos Bank home loans interest rates and fees information at InfoChoice.

RAMS announced “We are decreasing our mortgage rate by 0.25% pa for new and existing variable home loan customers, (owner occupier and investors), effective Tuesday, 17 March 2020.

Go direct to RAMS home loans interest rates and fees information at InfoChoice.


Sydney Mutual Bank have not yet cut rates. Sydney MB announced: “We are currently analysing the impact of the RBA’s decision, as a mutually owned bank we have an obligation to balance the interests of all saving and borrowing members. 

Go direct to Sydney Mutual Bank home loan interest rates and fees information at InfoChoice.

UniBank have not yet cut rates on their home loans. UniBank said: “In light of the Reserve Bank's change to the cash rate, we will review our interest rates in due course and take into consideration factors such as cost of funding and the market environment.”

Go direct to UniBank home loan interest rates and fees information at InfoChoice.

Compare home loan rates from Australia’s banks, credit unions, non-bank lenders and neobanks at InfoChoice.

Keep up to date with the latest outlook on interest rates at InfoChoice.

Home Loans: The comparison rates are based on a loan amount of $150,000 and a term of 25 years.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements

InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us.  You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.

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