RBA rate cut June: Who’s passing on the cut?

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on June 04, 2019
RBA rate cut June: Who’s passing on the cut?

Is your lender passing on the RBA’s latest cash rate cut? Savings.com.au keeps you posted on which banks and lenders are cutting home loan interest rates.

After nearly three years of holding the cash rate at 1.50%, the Reserve Bank of Australia (RBA) has cut rates by 0.25% points (25 basis points) from 1.50% to 1.25%.

Keep on top of Savings.com.au’s rolling updates of which lenders are passing on this cut below.

If this month’s rate cut has you thinking it’s time to switch home loans, see how your loan’s interest rate compares with some of the current sharpest home loan rates Savings.com.au has found on offer across the big four banks, the top 10 customer-owned institutions and the larger non-banks:

Lender

Variable
More details
UNLIMITED REDRAWS
UNLIMITED REDRAWS

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

    Variable
    More details
    100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
    • No upfront or ongoing fees
    • 100% full offset account
    • Extra repayments + redraw services
    100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

    Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

    • No upfront or ongoing fees
    • 100% full offset account
    • Extra repayments + redraw services
    Variable
    More details
    REFINANCE ONLY
    • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
    REFINANCE ONLY

    Variable Rate Home Loan – Refinance Only

    • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
    Variable
    More details
    AN EASY DIGITAL APPLICATION
    • No ongoing fees - None!
    • Unlimited additional repayments
    • Easy online application, find out if you're approved quick!
    • Redraw- Access your additional payments if you need them
    • Use the app to get loan insights to help you pay off your home loan faster
    AN EASY DIGITAL APPLICATION

    Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

    • No ongoing fees - None!
    • Unlimited additional repayments
    • Easy online application, find out if you're approved quick!
    • Redraw- Access your additional payments if you need them
    • Use the app to get loan insights to help you pay off your home loan faster
    Variable
    More details
    • Low rate home loan with added benefits, add offset for 0.10%
    • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
    • Get a 7.0 star NatHERS rating or higher for up to 1.59% discount on your variable rate home loan T&Cs apply

    Green Home Loan (Principal and Interest)

    • Low rate home loan with added benefits, add offset for 0.10%
    • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
    • Get a 7.0 star NatHERS rating or higher for up to 1.59% discount on your variable rate home loan T&Cs apply

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 11, 2022. View disclaimer.

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    Which banks have cut interest rates?

    All cuts below refer to lenders’ responses to the RBA’s June rate cut. Check out the October RBA Rate Cut page to see the latest rate cut announcements.

    Last updated 1 July 2019:

    Note: P&I = Principal and Interest, IO = Interest Only, OO = Owner-occupiers

    Please also note that the “lowest advertised variable rates” listed for each lender excludes introductory & honeymoon rates and package rates. All rates are correct at the time of the last update to this page.

    Adelaide Bank interest rate cut

    AMP Bank interest rate cut

    ANZ Bank interest rate cut

    Athena interest rate cut

    Australian Unity interest rate cut

    Auswide Bank interest rate cut

    Bank Australia interest rate cut

    Bank First interest rate cut

    Bank of Melbourne interest rate cut

    Bank of Sydney interest rate cut

    BankSA interest rate cut

    BankVic interest rate cut

    Bankwest interest rate cut

    BCU interest rate cut

    Bendigo Bank interest rate cut

    Beyond Bank interest rate cut

    BOQ interest rate cut

    Citi interest rate cut

    Commonwealth Bank interest rate cut

    Credit Union SA interest rate cut

    CUA interest rate cut

    Defence Bank interest rate cut

    Delphi Bank interest rate cut

    Gateway Bank interest rate cut

    G&C Mutual Bank interest rate cut

    Greater Bank interest rate cut

    Heritage Bank interest rate cut

    Homestar Finance interest rate cut

    Homestart Finance interest rate cut

    Horizon CU interest rate cut

    HSBC interest rate cut

    Hume Bank interest rate cut

    Hunter United interest rate cut

    IMB Bank interest rate cut

    ING interest rate cut

    Liberty interest rate cut

    Loans.com.au interest rate cut

    Macquarie Bank interest rate cut

    ME Bank interest rate cut

    Mortgage House interest rate cut

    MOVE Bank interest rate cut

    MyState interest rate cut

    NAB interest rate cut

    Newcastle Permanent interest rate cut

    People’s Choice CU interest rate cut

    Pepper Money interest rate cut

    Police Credit Union interest rate cut

    P&N Bank interest rate cut

    QBank interest rate cut

    Qudos Bank interest rate cut

    RACQ Bank interest rate cut

    RAMS interest rate cut

    Reduce Home Loans interest rate cut

    Regional Australia Bank interest rate cut

    Resimac interest rate cut

    SCU interest rate cut

    St. George Bank interest rate cut

    Suncorp Bank interest rate cut

    Teachers Mutual Bank interest rate cut

    The Mutual Bank interest rate cut

    TicToc interest rate cut

    UBank interest rate cut

    UniBank interest rate cut

    Unity Bank interest rate cut

    Virgin Money interest rate cut

    Westpac interest rate cut

    Adelaide Bank interest rate cut

    • Rate cut: 15-20 basis points (0.15-0.20% points)
    • Applies to: All new and existing owner occupier and investor principal & interest loan customers (20 points), and interest-only variable term loans (15 points)
    • Announcement date: 7 June 2019 (3 days after RBA’s decision)
    • Effective date: 28 June 2019 (24 days after RBA’s decision)
    • Lowest advertised variable rate: 3.52% (3.56% comparison rate*) for OO P&I borrowers with LVR under 90%
    • Other info:

    AMP Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable rate home loans, for new and existing customers
    • Announcement date: 7 June 2019 (3 days after RBA’s decision)
    • Effective date: 21 June for new customers (17 days after RBA’s decision), and 24 June for existing customers (20 days after RBA’s decision)
    • Lowest advertised variable rate: 3.94% (3.97% comparison rate*) for OO P&I borrowers with up to 90% LVR
    • Other info:

    ANZ Bank interest rate cut

    • Rate cut: 18 basis points (0.18% points)
    • Applies to: All variable home loan rates for new and existing customers  
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 14 June 2019 (10 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.63% (3.67% comparison rate*) for OO P&I customers with up to 80% LVR  
    • Other info: 

    Athena interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: New and existing owner-occupier and residential investment customers making P&I or IO repayments  
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 04 June 2019 (0 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.34% (3.30% comparison rate*) for OO, P&I refinance customers with up to 80% LVR  
    • Other info: 

    Australian Unity interest rate cut

    • Rate cut: up to 30 basis points (0.30% points)
    • Applies to: Existing variable owner occupier and investor home loan customers (25 basis points). Various new OO and investor home loans (10-30 basis points).
    • Announcement date: 20 June 2019 (16 days after RBA’s decision)
    • Effective date: 8 July 2019 – existing customers (34 days after RBA’s decision). 20 June 2019 – new customers (16 days after RBA’s decision)
    • Lowest advertised variable rate: 3.44% (3.47% comparison rate) for OO P&I customers with up to 80% LVR  
    • Other info: 

    Auswide Bank interest rate cut

    • Rate cut: 15-25 basis points (0.15-0.25% points)
    • Applies to: New and existing variable home loan customers:
      • OO P&I home loans (25 basis points)
      • Investor P&I home loans (25 basis points)
      • OO IO home loans (15 basis points)
      • Investor IO home loans (15 basis points)
    • Announcement date: 7 June 2019 (3 days after RBA’s decision)
    • Effective date: 4 June 2019 for RBA Rate Tracker Home Loan customers, 2 July 2019 for all other home loans (28 days after RBA’s decision)
    • Lowest advertised variable rate: 3.74% (3.76% comparison rate*) for OO P&I borrowers with up to 80% LVR   
    • Other info: In addition, Auswide Bank will reduce interest rates to business loans by 25 basis points for P&I payments, effective 2 July 2019

    Bank Australia interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Variable mortgage interest rates for all owner occupier home loan and investment loan customers
    • Announcement date:  6 June 2019 (2 days after RBA’s decision)
    • Effective date: 24 June 2019 (20 days after RBA’s decision)
    • Lowest advertised variable rate: 3.51% (3.52% comparison rate*) for OO P&I borrowers with LVR under 80%
    • Other info: 

    Bank First interest rate cut

    • Rate cut: 7-30 basis points (0.07-0.30% points)
    • Applies to:  Standard Home Loan (25 points), Premier Package Home Loan (16 points), Complete Home Loan (8 points), First Rate Home Loan (7 points), other variable home loan rates (15 points) and fixed home loan rates (up to 30 points)
    • Announcement date:  11 June 2019 (7 days after RBA’s decision)
    • Effective date: 21 June 2019 (17 days after RBA’s decision)
    • Lowest advertised variable rate: 3.65% (3.70% comparison rate) for OO P&I customers with up to 80% LVR  
    • Other info: 

    Bank of Melbourne interest rate cut

    • Rate cut: 20-35 basis points (0.20-0.35% points)
    • Applies to: Variable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)
    • Announcement date: 05 June 2019 (1 day after RBA’s decision)
    • Effective date: 18 June 2019 (14 days after RBA’s decision)
    • Lowest advertised variable rate:  3.54% (3.59% comparison rate) for Basic Promo Variable P&I 60%.
    • Other info: 

    Bank of Sydney interest rate cut

    • Rate cut: 20-25 basis points (0.20-0.25% points)
    • Applies to:  All standard variable interest rates for all home loans (25 points) and for all investment home loans (20 points)
    • Announcement date:  7 June 2019 (3 days after RBA’s decision)
    • Effective date: 25 June 2019 (21 days after RBA’s decision)
    • Lowest advertised variable rate: 3.30% (3.32% comparison rate*) for OO P&I customers with up to 90% LVR  
    • Other info: 

    BankSA interest rate cut

    • Rate cut: 20-35 basis points (0.20-0.35% points)
    • Applies to: Variable OO home loan P&I (20 points), variable OO home loan IO (20 points), variable residential investment property loan P&I (20 points), and variable residential investment property loan IO (35 points)
    • Announcement date: 05 June 2019 (1 day after RBA’s decision)
    • Effective date: 18 June 2019 (14 days after RBA’s decision)
    • Lowest advertised variable rate:  3.59% (3.64% comparison rate) for Basic Promo Variable P&I with 95% LVR or less.
    • Other info: 

    BankVic interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Variable interest home loan rates for both owner-occupied and investor variable loans
    • Announcement date:  12 June 2019 (8 days after RBA’s decision)
    • Effective date: 13 June 2019 (9 days after RBA’s decision)
    • Lowest advertised variable rate: 3.63% (3.67% comparison rate*) for OO P&I customers. Also offering 2-year introductory rate of 3.54% (4.32% comparison rate*)   
    • Other info: Existing borrowers will see their standard repayments reduced from 24 June 2019.

    Bankwest interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Standard variable rate mortgages
    • Announcement date:  6 June 2019 (2 days after RBA’s decision)
    • Effective date: 25 June 2019 (21 days after RBA’s decision)
    • Lowest advertised variable rate: 3.57% (3.58% comparison rate*) for OO P&I borrowers with up to 80% LVR  
    • Other info: 

    BCU interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: variable OO home loans and variable investment home loans, available for new and existing customers
    • Announcement date: 4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 01 July 2019 (27 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.54% (3.58% comparison rate*) for OO P&I borrowers with up to 80% LVR
    • Other info:

    Bendigo Bank interest rate cut

    • Rate cut: 15-20 basis points (0.15-0.20% points)
    • Applies to: All new and existing owner occupier and investor principal & interest loan customers (20 points), and interest-only variable term loans (15 points)
    • Announcement date: 7 June 2019 (3 days after RBA’s decision)
    • Effective date: 28 June 2019 (24 days after RBA’s decision)
    • Lowest advertised variable rate: 3.59% (3.78% comparison rate*) for OO P&I borrowers with up to 95% LVR
    • Other info:

    Beyond Bank interest rate cut

    • Rate cut: 15-25 basis points (0.15-0.25% points)
    • Applies to: New and existing standard variable home loan customers (25 points), and already discounted home loans (15-25 points)
    • Announcement date: 13 June 2019 (9 days after RBA’s decision)
    • Effective date: 25 June 2019 (21 days after RBA’s decision)
    • Lowest advertised variable rate: 3.64% (3.64% comparison rate*) for OO P&I customers with up to 80% LVR
    • Other info:

    BOQ interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loan rates with the exception of the Clear Path OO P&I home loan, which will drop by 15 (0.15%) basis points
    • Announcement date: 6 June 2019 (2 days after RBA’s decision)
    • Effective date: 25 June 2019 (21 days after RBA’s decision)
    • Lowest advertised variable rate: 3.74% (3.90% comparison rate*) for OO P&I borrowers with up to 80% LVR. Also offering 2-year introductory rate of 3.54% (4.06% comparison rate*)
    • Other info:

    Citi interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: Variable home loan rates
    • Announcement date: 7 June 2019 (3 days after RBA’s decision)
    • Effective date: 25 June 2019 (21 days after RBA’s decision)
    • Lowest advertised variable rate: 4.27% (4.63% comparison rate*) for OO P&I borrowers with up to 80% LVR
    • Other info:

    ClickLoans interest rate cut

    • Rate cut: undisclosed
    • Applies to:
    • Announcement date:
    • Effective date:
    • Lowest advertised variable rate: 3.76% (3.76% comparison rate*) for OO P&I borrowers with LVR under 70%
    • Other info:

    Commonwealth Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loan rates for new and existing customers  
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.54% (3.55% comparison rate*) for OO P&I borrowers with up to 70% LVR
    • Other info: 

    Credit Union SA interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to: All new and existing variable rate home loans with exception to the Variable Package Special Offer rates  
    • Announcement date:  18 June 2019 (14 days after the RBA’s decision)
    • Effective date: 27 June 2019 (23 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.79% (3.81% comparison rate*) for OO P&I borrowers with up to 80% LVR
    • Other info: No existing rates for home loans will be reduced below the new Variable Package Special Offer rates. Credit Union SA has further reduced its Owner Occupied Variable Home Loan Package and Investment Variable Home Loan Package, effective Monday 17 June 2019.

    CUA interest rate cut

    • Rate cut: 10-25 basis points (0.10-0.25% points)
    • Applies to: Most CUA home loan products including the Standard Variable, Discount Variable and Fresh Start home loans (25 points), and the Accelerate and Balance variable home loan products (between 10 to 15 points).   
    • Announcement date:  6 June 2019 (2 days after the RBA’s decision)
    • Effective date: 18 June 2019 (14 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.50% (3.55% comparison rate*) for OO P&I borrowers with up to 90% LVR
    • Other info: 

    Defence Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable rate home loans   
    • Announcement date:  7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.70% (3.70% comparison rate*) for OO P&I customers
    • Other info: 

    Delphi Bank interest rate cut

    • Rate cut: 15-20 basis points (0.15-0.20% points)
    • Applies to: P&I variable OO and Residential Investment loans (20 basis points) and IO variable OO and Residential Investment loans (15 basis points) 
    • Announcement date: n/a
    • Effective date: 28 June 2019 (24 days after the RBA’s decision)
    • Lowest advertised variable rate: 5.27% (5.39% comparison rate*) for OO P&I borrowers
    • Other info: 

    Gateway Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: New and existing members of all of Gateway Bank’s variable owner-occupied and investment loans   
    • Announcement date:  11 June 2019 (7 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.39% (3.41% comparison rate*) for OO P&I borrowers with up to 95% LVR
    • Other info: Interest rate will also decrease for a range of term deposit products as well as eMax Saver and Edge Accounts.

    G&C Mutual Bank interest rate cut

    • Rate cut: 10-40 basis points (0.10-0.40% points)
    • Applies to: New and existing customers. The Standard Variable Rate for home loan Investors (both interest-only and principal & interest product types) will be reduced by 0.40%p.a., while the Standard Variable Rate for Owner-Occupied borrowers (both interest-only and principal & interest product types) will be reduced by 0.25%p.a. The rate on the Retirees Access (Reverse Mortgage) product has also been reduced by 0.40%p.a. Rates on all other products not mentioned above will be reduced by between 0.10%p.a. – 0.25%p.a.
    • Announcement date:  17 June 2019 (13 days after the RBA’s decision)
    • Effective date: New customers – 17 June 2019 (13 days after the RBA’s decision), existing customers – 30 June (26 days after RBA’s decision)
    • Lowest advertised variable rate: 3.59% (3.62% comparison rate*) for OO P&I borrowers with up to 80% LVR
    • Other info: 

    Greater Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: “Variable base rate for Owner Occupied loans, Investment loans and Business loans”
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 11 June 2019 (7 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.57% (3.58% comparison rate*) for OO P&I customers borrowing at least $150,000 with up to 90% LVR
    • Other info: 

    Heritage Bank interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to: Variable home loan rates
    • Announcement date:  7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 21 June 2019 (17 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.57% (3.62% comparison rate*) for OO P&I customers with up to 80% LVR
    • Other info: 

    Homestar Finance interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loans for new and existing customers
    • Announcement date:  4 June 2019 (for new customers), 11 June 2019 (for existing customers)
    • Effective date: 4 June 2019 – new customers (0 days after the RBA’s decision), 22 July 2019 – existing customers (48 days after RBA’s decision)
    • Lowest advertised variable rate: 3.24% (3.24% comparison rate) on OO, P&I refinance home loan up to 80% LVR
    • Other info: 

    Homestart Finance interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: Standard variable rate home loans
    • Announcement date:  6 June 2019 (2 days after the RBA’s decision)
    • Effective date: 20 June 2019 (16 days after the RBA’s decision)
    • Lowest advertised variable rate: 5.14% (5.21% comparison rate*) for OO P&I borrowers with up to 95% LVR
    • Other info: 

    Horizon CU interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable rate mortgage products
    • Announcement date:  7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 1 July 2019 (27 days after the RBA’s decision) for existing borrowers, 11 June 2019 (7 days after RBA’s decision) for new borrowers
    • Lowest advertised variable rate: 4.04% (4.21% comparison rate*) for OO P&I customers with up to 95% LVR.
    • Other info: 

    HSBC interest rate cut

    • Rate cut: 22 basis points (0.22% points)
    • Applies to: Variable home loan interest rates for owner occupier and investors
    • Announcement date:  7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 17 June 2019 (13 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.47% (3.48% comparison rate*) for OO P&I customers with up to 80% LVR.
    • Other info: 

    Hume Bank interest rate cut

    • Rate cut: 10-20 basis points (0.10-0.20% points)
    • Applies to: All standard variable and basic variable rate products for new and existing customers (20 basis points). Flexi Low Rate customers will receive a 10 basis point reduction
    • Announcement date: 20 June 2019 (16 days after the RBA’s decision)
    • Effective date: Existing customers – 1 July 2019 (27 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.69% (3.69% comparison rate*) for OO P&I borrowers with up to 95% LVR
    • Other info: 

    Hunter United interest rate cut

    • Rate cut: 25-41 basis points (0.25-0.41% points)
    • Applies to: Variable home loans (up to 25 points), and fixed rate home loans (up to 41 points). Reductions will vary across Principal and Interest loans as well as Interest Only loans for both owner occupiers and investors.
    • Announcement date:  7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 14 June 2019 (10 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.47% (3.59% comparison rate*) for OO P&I first home buyers up to 90% LVR.
    • Other info: 

    IMB Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Residential and business lending products
    • Announcement date:  6 June 2019 (2 days after the RBA’s decision)
    • Effective date: 21 June 2019 (17 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.54% (3.57% comparison rate*) for OO P&I customers with up to 90% LVR
    • Other info: In addition, IMB announced reductions to its 1, 2 and 3-year fixed rate loans for Owner Occupier borrowers, taking the rate to 3.49%pa. For Investors, 1 and 3-year home loan fixed rates have been reduced to 3.79%pa.

    ING interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All new and existing customers with an ING variable rate home loan
    • Announcement date:  5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 25 June 2019 (21 day after the RBA’s decision)
    • Lowest advertised variable rate: 3.34% (3.37% comparison rate) for OO P&I customers borrowing $1million+ with up to 80% LVR
    • Other info: 

    Liberty interest rate cut

    • Rate cut: 20-95 basis points (0.20-0.95% points)
    • Applies to: Existing customers (25 basis points) and new customers (20-95 basis points)
    • Announcement date: 7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 24 June 2019 for existing customers (20 days after the RBA’s decision), 7 June 2019 for new customers (3 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.69% (3.76% comparison rate*) for OO P&I borrowers with up to 65% LVR
    • Other info: 

    Loans.com.au interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to: All existing and new variable home loan customers
    • Announcement date:  11 June 2019 (7 days after the RBA’s decision)
    • Effective date: 14 June 2019 for existing customers (10 days after the RBA’s decision), 11 June 2019 for new customers (7 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.28% (3.30% comparison rate*) for OO P&I customers up to 80% LVR
    • Other info: 

    Macquarie Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All standard variable home loan interest rates
    • Announcement date: 5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 21 June 2019 (17 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.44% (3.44% comparison rate*) for OO P&I borrowers with up to 70% LVR
    • Other info: 

    ME Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loan rates
    • Announcement date: 7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 27 June 2019 (23 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.72% (3.74% comparison rate*) for OO P&I borrowers with up to 80% LVR  
    • Other info: 

    Mortgage House interest rate cut

    • Rate cut: 10-70 basis points (0.10-0.70% points)
    • Applies to:  Various loans for new customers:
      • OO P&I variable loans (10-50 points)
      • Investor P&I (5 points)
      • Investor IO (70 points)
    • Announcement date: n/a
    • Effective dates: “Home Loan Prime Special 70-90%” 10-point cut on 11 June 2019. All other variable cuts on 21 June 2019.
    • Lowest advertised variable rate: 3.19% (3.22% comparison rate*) for OO P&I customers with up to 60% LVR.   
    • Other info: Existing customer rate cuts were not publicly disclosed

    MOVE Bank interest rate cut

    • Rate cut: up to 25 basis points (0.25% points)
    • Applies to:  All variable home loan interest rates for new and existing customers
    • Announcement date:  13 June 2019 (9 days after the RBA’s decision)
    • Effective date: 1 July 2019 – existing customers (10 days after the RBA’s decision), 13 June 2019 – new customers (9 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.49% (3.52% comparison rate*) for OO P&I customers with up to 95% LVR.   
    • Other info: Economy, Straightforward and First Home Loans will be reduced by 10 basis points.

    MyState interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to:  Standard variable home loan rate for both new and existing loans
    • Announcement date:  12 June 2019 (8 days after the RBA’s decision)
    • Effective date: 27 June 2019 (23 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.78% (3.81% comparison rate*) for OO P&I borrowers with up to 90% LVR   
    • Other info:

    NAB interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  All variable home loan interest rates for new and existing customers
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 14 June 2019 (10 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.54% (3.58% comparison rate*) for OO P&I customers with up to 80% LVR.   
    • Other info: 

    Newcastle Permanent interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Standard variable home loans across owner occupier and investment products
    • Announcement date: 5 June 2019 (0 days after the RBA’s decision)
    • Effective date: 17 June 2019 (13 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.72% (3.76% comparison rate*) for OO P&I borrowers with LVR under 90%
    • Other info: 

    People’s Choice CU interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Standard variable home loan rates for existing members and variable business loan rates
    • Announcement date: 11 June 2019 (7 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 4.22% (4.27% comparison rate*) for OO P&I borrowers with up to 80% LVR    
    • Other info: 

    Pepper Money interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Standard variable residential home loans (existing customers)
    • Announcement date: 7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 24 June 2019 (20 days after the RBA’s decision)
    • Lowest advertised variable rate: 4.16% (4.35% comparison rate*) for OO P&I borrowers with up to 95% LVR   
    • Other info: 

    Police Credit Union interest rate cut

    • Rate cut: 15-25 basis points (0.15-0.25% points)
    • Applies to:  Variable loans with owner occupied standard variable interest rate of 5.30% p.a. (-0.25% points), interest rates on all other owner occupied variable loans (-0.20% points), and interest rates on all investment variable loans (-0.15% points)
    • Announcement date: 21 June 2019 (17 days after the RBA’s decision)
    • Effective date: 12 July 2019 (38 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.84% (3.89% comparison rate*) for OO P&I borrowers with up to 80% LVR    
    • Other info: 

    P&N Bank interest rate cut

    • Rate cut: 18-39 basis points (0.18-0.39% points)
    • Applies to:  Entire lending portfolio (18 points), 2 to 3-year fixed term loans 80% LVR (39 points), ‘& Home Loan Intro Rate’ product (25 points), and ‘& Home Loan’ product (18 points)
    • Announcement date: 7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 28 June 2019 (24 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.81% (3.81% comparison rate*) for OO P&I borrowers with LVR under 90%    
    • Other info: 

    QBank interest rate cut

    • Rate cut: 18 basis points (0.18% points)
    • Applies to:  Variable home loan products for owner occupiers and investors
    • Announcement date: 13 June 2019 (9 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.66% (3.69% comparison rate*) for OO P&I borrowers with up to 95% LVR  
    • Other info: Mortgage secured overdraft rates will also be reduced by 0.18% per annum.

    Qudos Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to:  Existing customers of variable rate home loans and car loans
    • Announcement date: 5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.44% (3.44% comparison rate*) for OO P&I borrowers with up to 80% LVR  
    • Other info: 

    RACQ Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All existing variable home loans
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 12 June 2019 (8 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.44% (3.44% comparison rate*) for OO P&I customers   
    • Other info: 

    RAMS interest rate cut

    • Rate cut: 20-35 basis points (0.20-0.35% points)
    • Applies to: variable home loan OO P&I (20 points), variable residential investment property loan P&I (20 points), variable home loan OO IO (20 points), and variable residential investment property loan IO (35 points) – all for existing customers
    • Announcement date: 5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 18 June 2019 (14 days after the RBA’s decision)
    • Lowest advertised variable rate: 4.31% (4.37% comparison rate*) for OO P&I borrowers with up to 95% LVR
    • Other info:

    Reduce Home Loans interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: New and existing customers
    • Announcement date:  04 June 2019 (new customers)
    • Effective date: 04 June 2019 (new customers), 22 July 2019 (existing customers)
    • Lowest advertised variable rate: 3.19% (3.19% comparison rate*) for OO P&I customers up to 80% LVR  
    • Other info: Rate cut for existing customers was announced nearly three weeks after RBA’s decision

    Regional Australia Bank interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to: Various OO and Investor loans (P&I and IO) for new customers
    • Announcement date: n/a
    • Effective date: 17 June 2019 (13 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.59% (3.61% comparison rate*) for OO P&I customers with homes that meet specific ‘environmentally sustainable’ guidelines  
    • Other info: Existing customer rate cuts were not publicly disclosed

    Resimac interest rate cut

    • Rate cut: Size not publicly disclosed
    • Applies to: Existing customers
    • Announcement date:  11 June 2019 (7 days after the RBA’s decision)
    • Effective date: n/a
    • Lowest advertised variable rate: 3.46% (3.80% comparison rate*) for OO P&I borrowers with up to 80% LVR 
    • Other info: Resimac customers advised to contact the Resimac Customer Care team to find out the size of their rate cut

    SCU interest rate cut

    • Rate cut: 20-25 basis points (0.20-0.25% points)
    • Applies to: All existing variable rate Mortgage Secured Consumer Loans (25 points) and new Mortgage Secured Consumer Loans (20 points)
    • Announcement date:  12 June 2019 (8 days after the RBA’s decision)
    • Effective date: 01 July 2019 (27 days after the RBA’s decision) for existing loans and 14 June 2019 (10 days after RBA’s decision) for new loans
    • Lowest advertised variable rate: 3.57% (3.62% comparison rate*) for OO P&I customers  
    • Other info: 

    St. George Bank interest rate cut

    • Rate cut: 20-35 basis points (0.20-0.35% points)
    • Applies to: Variable OO home loan P&I (20 points), variable residential investment property loan P&I (20 points), variable OO home loan IO (20 points), and variable residential investment property loan IO (35 points)
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 18 June 2019 (14 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.58% (3.60% comparison rate) for OO P&I borrowers with LVR under 60%
    • Other info: 

    Suncorp Bank interest rate cut

    • Rate cut: 20 basis points (0.20% points)
    • Applies to: Variable home loans, for owner occupiers and investors
    • Announcement date: 5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 21 June 2019 (17 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.49% (3.50% comparison rate*) for OO P&I borrowers with up to 90% LVR  
    • Other info: 

    Teachers Mutual Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: Flexi Choice and My First Home Loan variable rate with P&I repayments (new and existing customers)
    • Announcement date: 17 June 2019 (13 days after the RBA’s decision)
    • Effective date: 1 July 2019 – existing customers (27 days after the RBA’s decision), 25 June 2019 – new customers (21 days after RBA’s decision)
    • Lowest advertised variable rate: 3.67% (3.72% comparison rate*) for OO P&I borrowers with up to 85% LVR
    • Other info: 

    Tic Toc interest rate cut

    • Rate cut: Up to 20 basis points (0.20% points)
    • Applies to: New and existing customers
    • Announcement date: 13 June 2019 (9 days after the RBA’s decision)
    • Effective date: 13 June 2019 (9 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.27% (3.28% comparison rate*) for OO P&I customers with up to 90% LVR   
    • Other info: 

    The Mutual Bank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable rate owner-occupied home loans and investment home loans
    • Announcement date: 5 June 2019 (1 day after the RBA’s decision)
    • Effective date: 21 June 2019 (17 days after the RBA’s decision)
    • Lowest advertised variable rate: 4.18% (4.18% comparison rate*) for OO P&I borrowers with up to 90% LVR 
    • Other info: New fixed interest rate home loans will be reduced from 5 June 2019, with existing variable home loan interest rates reducing by 0.25% effective 21 June 2019.

    UBank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loan rates for new and existing customers
    • Announcement date: 7 June 2019 (3 days after the RBA’s decision)
    • Effective date: 28 June 2019 (24 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.34% (3.34% comparison rate*) for OO P&I borrowers with up to 80% LVR   
    • Other info: 1-year fixed Owner Occupier P&I rate will also decrease to 2.99% p.a. (4.09% comparison rate) from June 14.

    UniBank interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: Flexi Choice and My First Home Loan variable rate with principal and interest repayments for all new loans
    • Announcement date: 17 June 2019 (13 days after the RBA’s decision)
    • Effective date: New customers – 25 June 2019 (21 days after the RBA’s decision), existing customers – 1 July 2019 (27 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.67% (3.72% comparison rate*) for OO P&I borrowers with up to 85% LVR  
    • Other info: 

    Unity Bank interest rate cut

    • Rate cut: 15-18 basis points (0.15-0.18% points)
    • Applies to: Variable OO home loan rate (18 points) and variable investment property loan rate for investors (15 points)
    • Announcement date: 18 June 2019 (14 days after the RBA’s decision)
    • Effective date: 01 July 2019 (27 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.81% (3.86% comparison rate*) for OO P&I borrowers with up to 80% LVR   
    • Other info: 

    Virgin Money interest rate cut

    • Rate cut: 25 basis points (0.25% points)
    • Applies to: All variable home loans for existing owner occupiers and investors
    • Announcement date: 18 June 2019 (14 days after the RBA’s decision)
    • Effective date: 25 June 2019 (21 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.44% (3.58% comparison rate*) for OO P&I borrowers  
    • Other info: 

    Westpac interest rate cut

    • Rate cut: 20-35 basis points (0.20%-0.35% points)
    • Applies to: All variable home loan interest rates for new and existing customers
    • Announcement date:  4 June 2019 (0 days after the RBA’s decision)
    • Effective date: 18 June 2019 (14 days after the RBA’s decision)
    • Lowest advertised variable rate: 3.78% (3.79% comparison rate*) for OO P&I borrowers
    • Other info: 35 basis point cut only applies to residential investment IO loans. Other variable home loans reduced by 20 basis points



    Disclaimers

    The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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    Dominic Beattie is the Editor of Savings.com.au. He has been publishing articles on finance, business and economics since 2015, having previously worked at financial research firm and comparison site Canstar before helping to launch Savings.com.au in November 2018. Dominic's commentary has featured in various news outlets, including: Channel 7 News, News.com.au, Yahoo Finance Australia, Domain, Realestate.com.au, Daily Mail and Radio 2NURFM.

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