RBA rate cut July: Who’s passing on another cut?

Dominic Beattie By on July 2, 2019
 
RBA home loan rate cuts

For the second month in a row, Australia’s cash rate has been cut, but fewer banks and lenders are expected to fully pass on this month’s cut to home loan interest rates. Savings.com.au will keep you updated with the latest rate cut announcements.

The Reserve Bank of Australia (RBA) followed up last month’s cut (the first in nearly three years) with another 25 basis point (0.25% point) reduction this month from 1.25% to 1.00%.

Savings.com.au will provide regular updates below of which lenders are announcing they are passing on this July rate cut to home loans.

Current low rate home loans

You can also 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:

Company Advertised rate Comp rate Monthly repayments  
Purchase or Refi, P&I 80% Smart Home Loan 3.03% 3.05% $1,693 More details
Achieve Variable OO P&I 3.33% 3.38% $1,758 More details
Base Variable Rate Special Offer 3.35% 3.39% $1,763 More details
Ad rate Comp rate Repayments
Purchase or Refi, P&I 80% Smart Home Loan
3.03% 3.05% $1,693
More details
Achieve Variable OO P&I
3.33% 3.38% $1,758
More details
Base Variable Rate Special Offer
3.35% 3.39% $1,763
More details

*Data accurate as at 12th July 2019. See disclaimer. This table shows (at the time of writing) some of the sharpest rates on offer from the big 4, the top 10 customer-owned institutions (e.g. not-for-profits, credit unions etc.) and the larger non-banks (for their variable, P&I, owner-occupier, non-honeymoon home loans with a loan amount of $400,000).

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Which banks will cut interest rates?

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

Last updated: 01/08/19

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

Please also note that the “new lowest advertised variable rates” listed for each lender excludes introductory & honeymoon rates and package rates. Rates are correct at the time of the last update to this page. Lowest rates will only be listed if they are new (i.e. the rate became that lender’s lowest rate after some or all of the RBA’s June cash rate cut were passed on) and currently available.

Adelaide Bank interest rate cut

AMP 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

BankFirst 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

Bank of Queensland 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

G&C Mutual Bank interest rate cut

Gateway 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 Credit Union 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

P&N Bank interest rate cut

People’s Choice CU interest rate cut

Pepper Money interest rate cut

Police Bank interest rate cut

Police Credit Union 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

Resimac interest rate cut

SCU interest rate cut

State Custodians interest rate cut

St. George Bank interest rate cut

Suncorp 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: New and existing home loan customers including
    • Variable OO P&I home loan rates (20 points)
    • Variable OO IO home loan rates (20 points)
    • Variable investor P&I home loan rates (15 points)
    • Variable investor IO home loan rates (15 points)
  • Announcement date: 05 July 2019
  • Effective date: 29 July 2019 (27 days after RBA decision)
  • June rate cut: 15-20 basis points (0.15-0.20% points)
  • New lowest advertised variable rate: 3.32% (3.36% comparison rate*) for OO P&I borrowers with LVR under 90%
  • Other info: 

AMP Bank interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: All variable rate home loans
  • Announcement date: 05 July 2019
  • Effective date: 22 July 2019 (20 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.74% (3.77% comparison rate*) for OO P&I borrowers with up to 90% LVR
  • Other info: AMP will also cut two and three-year fixed rate home loans by up to 53 points

ANZ Bank interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: All variable interest rates for Australian home and residential investment loans
  • Announcement date: 2 July 2019
  • Effective date: 12 July 2019 (10 days after RBA decision)
  • June rate cut: 18 basis points (0.18% points)
  • New lowest advertised variable rate: 3.38%pa (3.42%pa comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Athena interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: Both existing and new customers.
  • Announcement date: 02 July 2019
  • Effective date: 02 July 2019 (0 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.09% p.a. (3.05%pa comp rate*) for OO P&I with up to 80% LVR
  • Other info: 

Australian Unity interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to:  Existing variable owner occupier home loan and Wealth Builder investor loan rates
  • Announcement date: 05 July 2019
  • Effective date: 30 July 2019 (28 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.24% p.a. (3.27% p.a. comparison rate*) for OO P&I customers with up to 80% LVR  
  • Other info: 

Auswide Bank interest rate cut

  • Rate cut: 10-25 basis points (0.10-0.25% points)
  • Applies to:  New and existing customers:
    • ‘RBA Rate Tracker Home Loan’ (25 basis points)
    • Owner occupiers and investors with P&I repayments (18 basis points)
    • IO home loans (10 basis points)
  • Announcement date: 02 July 2019 (‘Rate Tracker Home Loan’ rate cut), 08 July 2019 (other cuts)
  • Effective date: 02 July 2019 (‘Rate Tracker Home Loan’ rate cut), 30 July 2019 (other cuts)
  • June rate cut: 25 basis points for all variable P&I home loan customers (0.25% points)
  • New lowest advertised variable rate: 3.49% p.a. (3.51%pa comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Bank Australia interest rate cut

  • Rate cut: 16 basis points (0.16% points)
  • Applies to:  All owner occupier home loan and investment loan customers
  • Announcement date: 04 July 2019
  • Effective date: 22 July 2019 (20 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.35% (3.36% comparison rate*) for OO P&I borrowers with LVR under 80%
  • Other info: 

BankFirst interest rate cut

  • Rate cut: 13-25 basis points (0.13-0.25% points)
  • Applies to:  Various OO and Investor home loans:
    • 0.25% p.a. reduction on Standard Home Loan.
    • 0.13% p.a. reduction on Premier Package Home Loan.
    • 0.13% p.a. reduction on Complete Home Loan.
    • 0.13% p.a. reduction on First Rate Home Loan.
    • Up to 0.25% p.a. reductions on other variable Home Loan rates.
    • Up to 0.25% p.a. reductions on fixed Home Loan rates.
  • Announcement date: 10 July 2019
  • Effective date: 26 July 2019 (24 days after RBA decision)
  • June rate cut: 7-30 basis points (0.07-0.30% points)
  • New lowest advertised variable rate: 3.52% (3.57% comp. rate) for owner occupiers with LVR of 80% or less
  • Other info: 

Bank of Melbourne interest rate cut

  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Applies to: New and existing home loan customers:
    • Variable OO P&I home loans (20 points)
    • Variable residential investment property loan P&I (20 points)
    • Variable OO IO home loans (20 points)
    • Variable residential investment property loan IO (30 points)
  • Announcement date: 02 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 20-35 basis points (0.20-0.35% points)
  • New lowest advertised variable rate: 3.39% (3.41% comparison rate*) for Basic Promo Variable P&I 60%.
  • Other info: 

Bank of Sydney interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to:  Standard variable rate for all home loans (OO and Investor, P&I and IO)
  • Announcement date: 05 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 20-25 basis points (0.20-0.25% points)
  • New lowest advertised variable rate: 3.11% p.a. (3.13% p.a. comparison rate*) for OO P&I customers with up to 90% LVR  
  • Other info: 

Bank of Queensland interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to:  All variable home loan interest rates
  • Announcement date: 04 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.59% p.a. (3.75% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR.
  • Other info: Also offering 2-year introductory rate of 3.39% p.a. (3.91% p.a. comparison rate*)

BankSA interest rate cut

  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Applies to: New and existing home loan customers:
    • Variable OO P&I home loans (20 points)
    • Variable residential investment property loan P&I (20 points),
    • Variable OO IO home loans (20 points)
    • Variable residential investment property loan IO (30 points)
  • Announcement date: 02 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 20-35 basis points (0.20-0.35% points)
  • New lowest advertised variable rate: 3.39% (3.41% comparison rate*) for Basic Promo Variable P&I with 95% LVR or less.
  • Other info: 

BankVic interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All owner-occupied and investor home loans
  • Announcement date: 09 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.48% (3.52% comparison rate*) for OO P&I borrowers
  • Other info: 

Bankwest interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to: All standard variable and Investor variable mortgages
  • Announcement date: 04 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.80% p.a. (3.82% p.a. comparison rate*) for OO P&I borrowers with up to 90% LVR  
  • Other info: 

BCU interest rate cut

  • Rate cut: 20-25 basis points (0.20-0.25% points)
  • Applies to: New and existing variable home loan customers:
    • Owner Occupied Standard Variable Rate (25 points)
    • Owner Occupied Maximum Discounted Variable Rate (25 points)
    • Investment Standard Variable Rate (25 points)
    • Investment Maximum Discounted Variable Rate (25 points)
    • OO OMG loan (20 points)
    • Investment OMG loan (20 points)
  • Announcement date: 04 July 2019
  • Effective date: 01 August 2019 (30 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.34% (3.38% 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: New and existing home loan customers including
    • Variable OO P&I home loan rates (20 points)
    • Variable OO IO home loan rates (20 points)
    • Variable investor P&I home loan rates (15 points)
    • Variable investor IO home loan rates (15 points)
  • Announcement date: 05 July 2019
  • Effective date: 29 July 2019 (27 days after RBA decision)
  • June rate cut: 15-20 basis points (0.15-0.20% points)
  • New lowest advertised variable rate: 3.29% p.a. (3.45% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
  • Other info: 

Beyond Bank interest rate cut

  • Rate cut: 17 basis points (0.17% points)
  • Applies to: Variable rate home loans (new and existing) 
  • Announcement date: 10 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 15-25 basis points (0.15-0.25% points)
  • New lowest advertised variable rate: 3.47% p.a. (3.47% p.a. comparison rate*) for OO P&I customers with up to 80% LVR
  • Other info: 

Citi interest rate cut

  • Rate cut: 18 basis points (0.18% points)
  • Applies to: All residential variable rate home loan products, excluding Lines of Credit facilities which will reduce by 0.15%
  • Announcement date: 08 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.21% p.a. (3.24% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Commonwealth Bank interest rate cut

  • Rate cut: 19-25 basis points (0.19-0.25% points)
  • Applies to: New and existing home loan customers:
    • OO P&I standard variable rate home loans (19 points)
    • Investor P&I standard variable rate home loans (19 points)
    • OO IO standard variable rate home loans (25 points)
    • Investor IO standard variable rate home loans (25 points)
  • Announcement date: 02 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.35% p.a. (3.36% p.a. 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 the exceptions of:
    • New and existing OO IO home loans (10 points)
    • Existing lines of credit and home equity accounts (10 points)
    • Variable Package Special Offer rates (not yet announced)
  • Announcement date: 12 July 2019
  • Effective date: 24 July 2019 (22 days after RBA decision)
  • June rate cut: 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.59% (3.61% 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 rate.

CUA interest rate cut

  • Rate cut: 17 basis points (0.17% points)
  • Applies to: All variable CUA home loan products, excluding CUA Rate Breaker
  • Announcement date: 04 July 2019
  • Effective date: 10 July 2019 (8 days after RBA decision)
  • June rate cut: 10-25 basis points (0.10-0.25% points)
  • New lowest advertised variable rate: 3.33%pa (3.38%pa comp rate) for OO P&I borrowers with up to 90% LVR
  • Other info: CUA Rate Breaker members will receive rate reductions in line with the relevant terms and conditions for that product.  

Defence Bank interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to: All and new variable rate home loans
  • Announcement date: 05 July 2019
  • Effective date: 17 July 2019 (15 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.51% (3.51% comparison rate*) for OO P&I customers
  • Other info:

G&C Mutual Bank interest rate cut

  • Rate cut: 10-20 basis points (0.10-0.20% points)
  • Applies to: Variable and investment home loans for new and existing customers
  • Effective date: 01 August 2019 for existing customers (30 days after RBA decision), 15 July 2019 for new customers (13 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.49% (3.52% comparison rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Gateway Bank interest rate cut

  • Rate cut: Up to 20 basis points (0.20% points)
  • Applies to: Variable and investment home loans
  • Effective date: 23 July 2019 (27 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.19% p.a. (3.22% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
  • Other info: 

Greater Bank interest rate cut

  • Rate cut: 15-25 basis points (0.15-0.25% points)
  • Applies to: Existing variable OO home loans (25 points) and Investor home loans (15 points)
  • Announcement date: 03 July 2019
  • Effective date: 29 July 2019 (27 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.47% p.a. (3.48% p.a. comparison rate*) for OO P&I customers with up to 90% LVR
  • Other info: 

Heritage Bank interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: Variable home loan rates
  • Announcement date: 05 July 2019
  • Effective date: 18 July 2019 (16 days after RBA decision)
  • June rate cut: 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.42% (3.47% comparison rate*) for OO P&I customers with up to 80% LVR
  • Other info: Heritage will also cut its fixed rate home loans by up to 30 points, variable personal loans by 25 points and credit cards by 25 points

Homestar Finance interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: Standard variable home loan rates for all customers
  • Announcement date: 02 July 2019
  • Effective date: 02 July 2019 (0 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 2.99% (2.99% comp rate*) for OO P&I new customers with up to 80% LVR 
  • Other info: 

Homestart Finance interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: Standard variable interest rate
  • Announcement date: 05 July 2019
  • Effective date: 18 July 2019 (16 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 4.94% (5.01% comparison rate*) for OO P&I borrowers with up to 95% LVR  
  • Other info: 

Horizon Credit Union interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: All variable rate mortgages
  • Announcement date: 12 July 2019
  • Effective date: 15 July 2019 (13 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.84% p.a. (4.01% p.a. comparison rate*) for OO P&I customers with up to 95% LVR.  
  • Other info: 

HSBC interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: All variable home loan rates for new and existing customers (OO and investors)
  • Announcement date: 04 July 2019
  • Effective date: 22 July 2019 (20 days after RBA decision)
  • June rate cut: 22 basis points (0.22% points)
  • New lowest advertised variable rate: 3.27% (3.28% comparison rate*) for OO P&I customers with up to 80% LVR.  
  • Other info: 

Hume Bank interest rate cut

  • Rate cut: 10-15basis points (0.10-0.15% points)
  • Applies to: Variable rate home loans including
    • Standard and basic variable rate OO P&I products (15 points)
    • Flex Low Rate home loan (10 points)
    • Variable rate investment P&I products (10 points)
  • Announcement date: 15 July 2019
  • Effective date: 01 August 2019 (30 days after RBA decision)
  • June rate cut: 10-20 basis points (0.10-0.20% points)
  • New lowest advertised variable rate: 3.39% (3.39% comparison rate*) for OO P&I borrowers with up to 95% LVR  
  • Other info: 

Hunter United interest rate cut

  • Rate cut: 5-20 basis points (0.05-0.20% points)
  • Applies to: Variable home loans:
    • No Regrets 1st Home Buyers Loan (20 points)
    • No Regrets Home Loan (20 points)
    • Platinum Home Loan (10 points)
    • Platinum Investment Home Loan (7 points)
    • Green Home Loan Special (10 points)
    • Basic Home Loan (5 points)
  • Announcement date: 05 July 2019
  • Effective date: 12 July 2019 (10 days after RBA decision)
  • June rate cut: 25 basis points on variable home loans (0.25% points)
  • New lowest advertised variable rate: 3.27%pa (3.37%pa comp rate*) for OO P&I first home buyers with up to 90% LVR  
  • Other info: 

IMB Bank interest rate cut

  • Rate cut: 18 basis points (0.18% points)
  • Applies to: Variable home loan interest rates for both OO and investor borrowers
  • Announcement date: 05 July 2019
  • Effective date: 25 July 2019 (23 days after RBA decision)
  • June rate cut: 25 basis points on residential and business lending products
  • New lowest advertised variable rate: 3.36% p.a. (3.39% p.a. comparison rate*) for OO P&I customers with up to 90% LVR  
  • Other info: 

ING interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: All variable home loan rates for new and existing customers
  • Announcement date: 03 July 2019
  • Effective date: 18 July 2019 (16 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.14% (3.17% comparison rate) for OO P&I customers borrowing $1million+ with up to 80% LVR
  • Other info: 

Liberty interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to: Existing variable home loan customers
  • Announcement date: 04 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points for existing customers (0.25% points)
  • New lowest advertised variable rate: 3.50% p.a (3.57% p.a. comparison rate*) for OO P&I borrowers with up to 65% LVR  
  • Other info: 

Loans.com.au interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: All existing and new variable home loan customers
  • Announcement date: 03 July 2019
  • Effective date: 26 July 2019 for all existing customers (24 days after RBA decision)
  • June rate cut: 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.03%pa (3.05%pa comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Macquarie Bank interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: “Standard variable home loan rates”
  • Announcement date: 2 July 2019
  • Effective date: 18 July 2019 for existing loans (16 days after RBA decision), 05 July for new loans (3 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.24%pa (3.24%pa comp rate*) for OO P&I borrowers with up to 70% LVR 
  • Other info: Macquarie will also cut fixed home loan rates by 40 basis points from 05 July 2019

ME Bank interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All existing variable home loan customers
  • Announcement date: 03 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.57% p.a. (3.59% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR 
  • Other info:

Mortgage House interest rate cut

  • Rate cut: 15-50 basis points (0.15-0.50% points)
  • Applies to:  Various loans for new customers:
    • OO P&I variable loans (20-50 points)
    • Investor P&I (40 points)
    • Investor IO (15 points)
  • Announcement date: n/a
  • Effective date: 19 July 2019 (17 days after RBA decision)
  • June rate cut: 10-70 basis points (0.10-0.70% points)
  • Lowest advertised variable rate: 2.99% (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: 20-30 basis points (0.15% points)
  • Applies to: A number of home loans for new and existing customers:
    • Standard Variable Home Loan, myHome Package, Economy Home Loan and First Home Loan Variable interest rates will be reduced by 0.20% points
    • Straightforward Home Loan will be reduced by 0.25% points
    • First Home Loan- Special 1Y Introductory Fixed Rate will be reduced by 0.30% points
    • Wealth Builder Loan, Standard Variable Investment Loan and myWealth Package will be reduced by 0.20% points
  • Announcement date: 15 July 2019
  • Effective date: 01 August 2019 for existing customers (30 days after RBA decision), 17 July 2019 for new customers (15 days after RBA decision)
  • June rate cut: up to 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.24% (3.28% comparison rate*) for new OO P&I customers with up to 95% LVR.   
  • Other info:

MyState interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: New and existing loans
  • Announcement date: 05 July 2019
  • Effective date: 15 July 2019 for new loans (13 days after RBA decision) and 29 July 2019 for existing loans (27 days after RBA decision)
  • June rate cut: 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.58% (3.61% comp. rate) on Basic Variable home loan for new customers
  • Other info: Interest-only loans will decrease by 10 points for both new and existing loans.

NAB interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to: New and existing customers on variable loans (OO and Investor, P&I and IO)
  • Announcement date: 2 July 2019
  • Effective date: 12 July 2019 (10 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.35% pa (3.39% pa comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Newcastle Permanent interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: All home loan products including OO, IO and Investment home loans.
  • Announcement date: 3 July 2019
  • Effective date: 29 July 2019 (27 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.49% p.a. (3.53% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR
  • Other info: 

P&N Bank interest rate cut

  • Rate cut: Up to 18 basis points (0.18% points)
  • Applies to: Variable rate home loans
  • Announcement date: 05 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 18 basis points on most variable home loans (0.18% points)
  • New lowest advertised variable rate: 3.63% p.a. (3.63% p.a. comparison rate*) for OO P&I borrowers with LVR under 90%   
  • Other info: 

People’s Choice CU interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: Standard variable home loan rates for existing members
  • Announcement date: 05 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points on standard variable home loan rates for existing members and variable business loan rates
  • New lowest advertised variable rate: 4.07% p.a. (4.12% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR   
  • Other info: Various business loan rates will also be cut by 15 basis points.

Pepper Money interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: Existing customers on variable rate home loans
  • Announcement date: 09 July 2019
  • Effective date: 22 July 2019
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.36% (3.56% comparison rate*) for OO P&I borrowers with up to 90% LVR   
  • Other info: 

Police Bank interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All variable rate OO home loans except the Goldrate Home Loans.
  • Announcement date: 10 July 2019
  • Effective date: Not announced
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 
  • Other info: 

Police Credit Union interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All variable home and investment term loan interest rates.
  • Announcement date: 12 July 2019
  • Effective date: 12 August 2019 (41 days after RBA’s decision)
  • June rate cut: 15-25 basis points (0.15-0.25% points)
  • New lowest advertised variable rate: 
  • Other info: 

QBank interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: Variable rate home loan products for owner occupiers and investors.
  • Announcement date: 11 July 2019
  • Effective date: 25 July 2019 (23 days after RBA’s decision)
  • June rate cut: 18 basis points (0.18% points)
  • New lowest advertised variable rate: 3.46% (3.49% comparison rate*) for OO P&I borrowers with up to 95% LVR  
  • Other info: 

Qudos Bank interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All existing and new variable rate home loans
  • Announcement date: 05 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.29% (3.29% 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 variable home loans
  • Announcement date: 3 July 2019
  • Effective date: 10 August 2019 (8 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.19% p.a. (3.19% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
  • Other info: 

RAMS interest rate cut

  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Applies to: New and existing home loan customers:
    • Variable OO P&I home loans (20 points)
    • Variable residential investment property loan P&I (20 points)
    • Variable OO IO home loans (20 points)
    • Variable residential investment property loan IO (30 points)
  • Announcement date: 2 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 20-35 basis points (0.20-0.35% points)
  • New lowest advertised variable rate: 4.11% (4.17% comparison rate*) for OO P&I borrowers with up to 95% LVR
  • Other info: 

Reduce Home Loans interest rate cut

  • Rate cut: Up to 22 basis points (0.22% points)
  • Applies to: Some loans for new and existing customers
  • Announcement date: 02 July 2019 (for new customers), 17 July 2019 (for existing customers)
  • Effective date: 15 August 2019 for existing customers (44 days after RBA decision), 02 July 2019 for new customers
  • June rate cut: 25 basis points (0.25% points) (effective 22 July for existing customers)
  • New lowest advertised variable rate: 2.89% (2.89% comp rate*) for OO P&I borrowers with up to 80% LVR 
  • Other info: 

Resimac interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: Prime and specialist mortgages
  • Announcement date: 02 July 2019
  • Effective date: 24 July 2019 (22 days after RBA decision)
  • June rate cut: not publicly disclosed
  • New lowest advertised variable rate: 3.40% (3.45% comparison rate*) for OO P&I borrowers with up to 80% LVR 
  • Other info: 

SCU interest rate cut

  • Rate cut: 20 basis points (0.20% points)
  • Applies to: “All variable rate mortgage secured loans”
  • Announcement date: 15 July 2019
  • Effective date: 01 August 2019 for existing customers (30 days after RBA decision), 10 July 2019 for new customers (8 days after RBA decision)
  • June rate cut: 20-25 basis points (0.20-0.25% points)
  • New lowest advertised variable rate: 3.37% p.a. (3.42% p.a. comparison rate*) for OO P&I customers  
  • Other info: 

State Custodians interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: Most home loan products for new and existing customers:
    • Low Rate Home Loan
    • Breathe Easy
    • Peak Performance
    • Standard Variable
    • Specialist Loans
  • Announcement date: 02 July 2019
  • Effective date: 24 July 2019 (22 days after RBA’s decision)
  • New lowest advertised variable rate: 3.15% p.a. (3.17% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: 

Suncorp Bank interest rate cut

  • Rate cut: 19 basis points (0.19% points)
  • Applies to: Variable rates for owner-occupiers and investors
  • Announcement date: 03 July 2019
  • Effective date: 19 July 2019 (17 days after RBA decision)
  • June rate cut: 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.29% (3.30% comparison rate*) for OO P&I borrowers with up to 90% LVR  
  • Other info: 

St. George interest rate cut

  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Applies to: New and existing home loan customers:
    • Variable OO P&I home loans (20 points)
    • Variable residential investment property loan P&I (20 points),
    • Variable OO IO home loans (20 points)
    • Variable residential investment property loan IO (30 points)
  • Announcement date: 02 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 20-35 basis points (0.20-0.35% points)
  • New lowest advertised variable rate: 3.38% (3.40% comparison rate) for OO P&I borrowers with LVR under 60%
  • Other info: 

Teachers Mutual Bank interest rate cut

  • Rate cut: Undisclosed
  • Applies to: A number of its Owner Occupier and Investor variable interest rates for new and existing borrowers
  • Announcement date: 19 July 2019
  • Effective date: 1 August 2019 (30 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.42% (3.46% comparison rate*) for OO P&I borrowers with up to 85% LVR
  • Other info: 

The Mutual Bank interest rate cut

  • Rate cut: 10-20 basis points (0.10-0.20% points)
  • Applies to: The following variable interest rate loans:
    • Variable OO home loans (10 points)
    • Variable investment home loans (20 points)
  • Announcement date: 03 July 2019
  • Effective date: 19 July 2019 (17 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.98% (3.98% comparison rate*) for OO P&I borrowers with up to 90% LVR 
  • Other info: 

TicToc interest rate cut

  • Rate cut: Up to 20 basis points (0.20% points)
  • Applies to: New and existing customers
  • Announcement date: 05 July 2019
  • Effective date: 05 July for new customers (3 days after RBA decision)
  • June rate cut: Up to 20 basis points (0.20% points)
  • New lowest advertised variable rate: 3.07%pa (3.08%pa comp rate*) for OO P&I borrowers with up to 80% LVR
  • Other info: Effective date for existing customers not confirmed

UBank interest rate cut

  • Rate cut: 25 basis points (0.25% points)
  • Applies to: All variable rate home loans
  • Announcement date: 05 July 2019
  • Effective date: 02 August 2019 (31 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.09% p.a. (3.09% p.a. comp rate*)
  • Other info: 

UniBank interest rate cut

  • Rate cut: Undisclosed
  • Applies to: A number of its Owner Occupier and Investor variable interest rates for new and existing borrowers
  • Announcement date: 19 July 2019
  • Effective date: 01 August 2019 (30 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.42% (3.46% comparison rate*) for OO P&I borrowers with up to 85% LVR  
  • Other info: 

Unity Bank interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: All new and existing variable OO and investment home loans
  • Announcement date: 18 July 2019
  • Effective date: 01 August 2019 (30 days after RBA decision)
  • June rate cut: 15-18 basis points (0.15-0.18% points)
  • New lowest advertised variable rate: 3.66% (3.71% comparison rate*) for OO P&I borrowers with up to 80% LVR   
  • Other info: 

Virgin Money interest rate cut

  • Rate cut: 15 basis points (0.15% points)
  • Applies to: Standard variable home loan rate
  • Announcement date: 04 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
  • June rate cut: 25 basis points (0.25% points)
  • New lowest advertised variable rate: 3.33% p.a. (3.47% p.a. comparison rate*) for OO P&I borrowers with up to 60% LVR  
  • Other info: 

Westpac interest rate cut

  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Applies to: New and existing home loan customers:
    • Variable OO P&I home loans (20 points)
    • Variable residential investment property loan P&I (20 points),
    • Variable OO IO home loans (20 points)
    • Variable residential investment property loan IO (30 points)
  • Announcement date: 02 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)
  • June rate cut: 20-35 basis points (0.20%-0.35% points)
  • New lowest advertised variable rate: 3.58% (3.59% comparison rate*) for new OO P&I customers
  • Other info: 

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in 2018. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure. The interest rate per annum is based on a loan credit of $150,000 and a loan term of 25 years.

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Dominic Beattie
Dominic Beattie is Savings.com.au’s Content Manager. He has been writing and editing articles on finance, business and economics since 2015, having previously worked as a Senior Journalist at financial research firm Canstar before helping to relaunch Savings.com.au in November 2018. Dominic aspires to help everyday Australians discover simple and effective ways to comfortably manage their finances and save money, without sacrificing their joie de vivre.
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