RBA rate cut November 2020: Is your lender passing it on?

author-avatar By on November 03, 2020
RBA rate cut November 2020: Is your lender passing it on?

Australia's cash rate has been cut for the first time since March. Find out if your lender is passing the cut on with Savings.com.au's comprehensive list of home loan rate cut announcements.

The Reserve Bank of Australia (RBA) has cut the cash rate by 15 basis points in November taking it to a new record low of 0.10%. 

Savings.com.au will provide regular updates below of which lenders are announcing they are passing on this November 2020 rate cut to variable-rate home loans.

Current low rate home loans

For quick reference: As things stand, these are some of the lowest-rate (variable) home loans Savings.com.au has found on the market:

Base criteria of: a $400,000 loan amount, variable, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

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Which banks will cut variable interest rates?

All cuts below refer to lenders’ responses to the RBA’s rate cut on November 3 2020. To see how these rate cuts compare with previous rate cuts, check out our JuneJuly, October, March 3, and emergency March rate cut pages.

Last updated: 7:00pm AEDT 18/11/2020. 

Key notes:

  • P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
  • Basis points explained: 1 basis point = 0.01%
  • New lowest advertised variable rates:  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 currently available and new (i.e. the rate became that lender’s lowest rate after some or all of the RBA’s November cash rate cut were passed on). 

86 400 interest rate cut

AMP interest rate cut

ANZ interest rate cut

Athena interest rate cut

Australian Military Bank interest rate cut

Australian Unity interest rate cut

Auswide Bank interest rate cut

Bank Australia interest rate cut

Bank of Melbourne interest rate cut

Bank of Queensland (BOQ) interest rate cut

Bank of Sydney interest rate cut (pending)

BankFirst 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 (pending)

Citi interest rate cut

Commonwealth Bank interest rate cut

Credit Union SA interest rate cut

CUA interest rate cut

Defence Bank interest rate cut

Freedom Lend interest rate cut

G&C Mutual Bank interest rate cut (pending)

Gateway Bank interest rate cut

Greater Bank interest rate cut

Heritage Bank interest rate cut

Homeloans.com.au interest rate cut

Homestar Finance interest rate cut

HomeStart Finance interest rate cut (pending)

Horizon Bank 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 (pending)

Loans.com.au interest rate cut - Click to view the latest rates

Macquarie Bank interest rate cut

ME Bank interest rate cut

Mortgage House interest rate cut

MOVE Bank interest rate cut

MyState Bank 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 (pending)

Police Bank interest rate cut (pending)

Police Credit Union interest rate cut (pending)

QBank interest rate cut (pending)

Qudos Bank interest rate cut

RACQ interest rate cut

RAMS interest rate cut

Reduce Home Loans interest rate cut

Resimac interest rate cut

St George interest rate cut

State Custodians interest rate cut

Suncorp interest rate cut

Sydney Mutual Bank interest rate cut

Teachers Mutual Bank interest rate cut (pending)

The Mutual Bank interest rate cut

TicToc interest rate cut

UBank interest rate cut

Unibank interest rate cut (pending)

Unity Bank interest rate cut (pending)

Virgin Money interest rate cut

Westpac interest rate cut

86 400 interest rate cut

  • November rate cut: 10 basis points
  • Applies to: All variable rates
  • Announcement date: 6 November
  • Effective date: 11 November  
  • Other info: 86 400 is also making cuts to fixed rate home loans

AMP interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25-64 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *AMP has not cut variable home loan rates, but has introduced new lower fixed rates

ANZ interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November
  • June 2019 rate cut: 18 basis points
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 14-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 15 basis points  
  • Other info: *ANZ has not announced cuts to variable home loan rates. It has only introduced new lower fixed rates

Athena interest rate cut

  • November rate cut: 15 basis points
  • Applies to: All variable rate home loans (new and existing, owner-occupier and investor)
  • Announcement date: 03 November 2020
  • Effective date: 03 November 2020 
  • New lowest advertised variable rate: 2.19% p.a. (2.19% p.a. comp rate*) for OO P&I borrowers with up to 60% LVR
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 25 basis points 
  • October 2019 rate cut: 25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points

Australian Military Bank interest rate cut

  • November rate cut: 0-57 basis points 
  • Applies to: New OO construction loans*
  • Announcement date: 04 November
  • Effective date: 24 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 14 basis points
  • October 2019 rate cut: 20 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Australian Military Bank has not cut variable home loan rates for existing customers, but has introduced a new lower variable OO construction home loan rate and lower fixed rates. 

Australian Unity interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November 
  • June 2019 rate cut: 15-18 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 11 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Australian Unity has not cut variable home loan rates, but has introduced new lower fixed rates

Auswide Bank interest rate cut

  • November rate cut: 0-35 basis points
  • Applies to: Selected home loans*:
    • New basic variable home loans on 75% LVR or less (35 points)
    • New Freedom Package OO P&I variable-rate home loans on 75% LVR or less (10 points)
    • Existing RBA Rate Tracker home loans (15 points) 
  • Announcement date: 10 November
  • Effective date: 11 November
  • June 2019 rate cut: 15-25 basis points
  • July 2019 rate cut: 10-25 basis points
  • October 2019 rate cut: 10-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0-25 basis points  
  • Other info: *Auswide Bank has not announced cuts to other variable home loan rates, but has introduced new lower fixed rates

Bank Australia interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 16 basis points
  • October 2019 rate cut: 10 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Bank Australia has not cut variable home loan rates, but has introduced new lower fixed rates

Bank of Melbourne interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 20-35 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Bank of Melbourne has not cut variable home loan rates, but has introduced new lower fixed rates

Bank of Queensland (BOQ) interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 10 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 10-25 basis points
  • March 2020 rate cut: 17-25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *BOQ has not announced cuts to variable home loan rates, but has introduced new lower fixed rates 

BankFirst interest rate cut

  • November rate cut: 0-5 basis points
  • Applies to: Selected older variable home loans no longer on offer (5 basis points)
  • Announcement date: 18 November 
  • Effective date: 1 December 
  • June 2019 rate cut: 7-30 basis points
  • July 2019 rate cut: 13-25 basis points
  • October 2019 rate cut: 20-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: n/a  
  • Other info: Bankfirst has also introduced new lower fixed rates

BankSA interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 20-35 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *BankSA has not cut variable home loan rates, but has introduced new lower fixed rates 

BankVic interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 10 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 10-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *BankVic has not announced cuts to variable home loan rates, but will introduce new lower fixed rates 

Bankwest interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 19 basis points
  • October 2019 rate cut: 13-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Bankwest has not cut variable home loan rates, but has introduced new lower fixed rates 

BCU interest rate cut

  • November rate cut: 0-10 basis points*
  • Applies to: OMG variable home loan interest rate for new and existing owner-occupiers
  • Announcement date: 13 November 
  • Effective date: 3 December
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20-25 basis points
  • October 2019 rate cut: 15-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Other variable interest rates unchanged, but BCU has introduced new lower fixed rates 

Bendigo Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 15-20 basis points
  • July 2019 rate cut: 15-20 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Bendigo Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

Citi interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 18 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Citi has not cut variable home loan rates, but will reduce fixed rates 

Commonwealth Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 19-25 basis points
  • October 2019 rate cut: 13-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Commonwealth Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

Credit Union SA interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November
  • June 2019 rate cut: 20 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 4-26 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Credit Union SA has not cut variable home loan rates, but is introducing new lower fixed rates 

CUA interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 10-25 basis points
  • July 2019 rate cut: 17 basis points
  • October 2019 rate cut: 13 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *CUA has not cut variable home loan rates, but has introduced new lower fixed rates 

Defence Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 19 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Defence Bank has not cut variable home loan rates (aside from new investor interest only loans), but has introduced new lower fixed rates 

Freedom Lend interest rate cut

  • November rate cut: 0-20 basis points
  • Applies to: Select home loans for new customers*
  • Announcement date: 03 November 2020
  • Effective date: 03 November 2020 
  • New lowest advertised variable rate: 1.97% p.a. (1.97% p.a. comp rate*) for OO P&I borrowers with up to 70% LVR
  • October 2019 rate cut: 25 basis points
  • March 2020 rate cut: 25 basis points
  • Other info: *Rate cuts for existing customers yet to be confirmed

Gateway Bank interest rate cut

  • November rate cut: 5 basis points
  • Applies to: All new and existing OO P&I variable rate home loans
  • Announcement date: 13 November 
  • Effective date: 13 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15-25 basis points
  • October 2019 rate cut: 14 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: Gateway Bank has also cut fixed rates by up to 30 basis points

Greater Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 13 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 9-20 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Greater Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

Heritage Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 13 November 
  • June 2019 rate cut: 20 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 20 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Heritage Bank has not cut variable rates on existing home loans, but has introduced new lower fixed rates and will lower rates on new Home Advantage variable rate loans by between 4 and 14 basis points.  

Homeloans.com.au interest rate cut

  • November rate cut: 15 basis points
  • Applies to: All new and existing variable rate customers
  • Announcement date: 03 November 2020
  • Effective date: 03 November 2020 
  • New lowest advertised variable rate: 2.14% p.a. (2.16% p.a. comp rate*) for OO P&I borrowers with up to 60% LVR

Homestar Finance interest rate cut

  • November rate cut: 15 basis points
  • Applies to: Variable rate home loans
  • Announcement date: 06 November 2020
  • Effective date: 21 December 2020 (existing borrowers) 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 10 basis points

Horizon Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 13 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: n/a 
  • March 2020 rate cut: n/a
  • March 2020 emergency rate cut: n/a
  • Other info: *Horizon Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

HSBC interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 22 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 15-20 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *HSBC has not cut variable home loan rates, but has introduced new lower fixed rates 

Hume Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November 
  • June 2019 rate cut: 10-20 basis points
  • July 2019 rate cut: 10-15 basis points
  • October 2019 rate cut: 10-15 basis points
  • March 2020 rate cut: 20 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Hume Bank has not cut existing variable home loan rates, but will introduce lower rates on new fixed and variable rate home loans from 16 November 

Hunter United interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 13 November 
  • June 2019 rate cut: 25-41 basis points
  • July 2019 rate cut: 5-20 basis points
  • October 2019 rate cut: Up to 20 basis points
  • March 2020 rate cut: 15 basis points
  • March 2020 emergency rate cut: 15 basis points  
  • Other info: *Hunter United has not cut existing variable home loan rates, but has introduced new lower fixed rates 

IMB Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 9 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 18 basis points
  • October 2019 rate cut: 13 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *IMB has not cut variable home loan rates, but has introduced new lower fixed rates 

ING interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 9 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *ING has not cut variable home loan rates, but has introduced a new lower fixed rate 

Loans.com.au interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 9 November 
  • June 2019 rate cut: 20 basis points
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Loans.com.au has not announced cuts to variable home loan rates, but has introduced new lower fixed rates 

Macquarie Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Macquarie Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

Mortgage House interest rate cut

  • November rate cut: 0-15 basis points 
  • Applies to: Select variable rate home loans for new customers*
  • Announcement date: 9 November
  • Effective date: 09 November
  • June 2019 rate cut: 10-70 basis points
  • July 2019 rate cut: 15-50 basis points
  • October 2019 rate cut: n/a
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: n/a
  • Other info: *Rate cuts for existing customers yet to be confirmed

MOVE Bank interest rate cut

  • November rate cut: 15 basis points
  • Applies to: All new and existing variable OO home loans + Straightforward Investment Loan
  • Announcement date: 18 November
  • Effective date: 1 December (existing loans), 19 November (new loans) 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 10-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: Up to 25 basis points  

ME Bank interest rate cut

  • November rate cut: 15 basis points
  • Applies to: All existing variable rate home loan customers
  • Announcement date: 05 November 2020
  • Effective date: 26 November 2020 
  • New lowest advertised variable rate: 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points 
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points

MyState Bank interest rate cut

  • November rate cut: 0-20 basis points*
  • Applies to: New variable rate home loans
  • Announcement date: 06 November 2020
  • Effective date: 26 November 2020 
  • New lowest advertised variable rate: 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points 
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points
  • Other info: *Variable rate cuts for existing customers have not been confirmed, but MyState has introduced new lower fixed rates 

NAB interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 19 basis points
  • October 2019 rate cut: 15-30 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *NAB has not cut variable home loan rates, but has introduced new lower fixed rates 

Newcastle Permanent interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November
  • June 2019 rate cut: 18-39 basis points
  • July 2019 rate cut: 18 basis points
  • October 2019 rate cut: 13 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Newcastle Permanent has not cut variable home loan rates, but has introduced new lower fixed rates 

P&N Bank interest rate cut

  • November rate cut: Up to 10 basis points
  • Applies to: New and existing variable home loans
  • Announcement date: 6 November
  • Effective date: 20 November
  • June 2019 rate cut: 18-39 basis points
  • July 2019 rate cut: 18 basis points
  • October 2019 rate cut: 16-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  

People's Choice CU interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 10 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 14-25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *People's Choice has not announced cuts to variable rate home loans, but has introduced new lower fixed rates

Qudos Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 11 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 10 basis points  
  • Other info: *Qudos Bank is not cutting existing variable home loan rates, but will introduce lower variable rates on new home loan applications from 17 November 

RACQ interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 17 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *RACQ has not announced cuts to variable rate home loans, but has introduced new lower fixed rates

RAMS interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 20-35 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *RAMS has not cut variable home loan rates, but has introduced new lower fixed rates 

Reduce Home Loans interest rate cut

  • November rate cut: 0-20 basis points 
  • Applies to: Select home loans for new customers*
  • Announcement date: 03 November
  • Effective date: 03 November
  • New lowest advertised variable rate: 1.77% p.a. (1.83% p.a. comp rate*) for OO P&I borrowers with up to 60% LVR
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: Up to 22 basis points
  • October 2019 rate cut: Up to 20 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0-25 basis points  
  • Other info: *Rate cuts for existing customers yet to be confirmed

Resimac interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 9 November 
  • June 2019 rate cut: Not disclosed
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Resimac has not cut variable home loan rates, but has introduced new lower fixed rates 

State Custodians interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 9 November 
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *State Custodians has not announced cuts to variable rate home loans, but has introduced new lower fixed rates 

St George interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 20-35 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *St George has not cut variable home loan rates, but has introduced new lower fixed rates 

Suncorp interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 5 November 
  • June 2019 rate cut: 20 basis points
  • July 2019 rate cut: 19 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Suncorp has not cut variable home loan rates, but has introduced a new lower fixed rate 

Sydney Mutual Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 16 November 
  • June 2019 rate cut: 20-25 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: n/a
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: n/a  
  • Other info: *Sydney Mutual Bank has not cut variable home loan rates, but has introduced new lower fixed rates 

The Mutual Bank interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 16 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 10-20 basis points
  • October 2019 rate cut: 10-20 basis points
  • March 2020 rate cut: 15-25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *The Mutual Bank has not cut variable home loan rates, but has introduced new lower fixed rates

TicToc interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 6 November 
  • June 2019 rate cut: 20 basis points
  • July 2019 rate cut: 20 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *TicToc has not cut variable home loan rates

UBank interest rate cut

  • November rate cut: 15 basis points
  • Applies to: All new and existing UBank customers with variable rate home loans
  • Announcement date: 6 November
  • Effective date: 29 November
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 25 basis points
  • October 2019 rate cut: 25 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: 

Virgin Money interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 10 November 
  • June 2019 rate cut: 25 basis points
  • July 2019 rate cut: 15 basis points
  • October 2019 rate cut: 10-25 basis points
  • March 2020 rate cut: 17-25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Virgin Money has not cut variable home loan rates yet, but has introduced new lower fixed rates and will introduce lower variable rates on new home loans from 13 November 

Westpac interest rate cut

  • November rate cut: 0 basis points*
  • Announcement date: 4 November 
  • June 2019 rate cut: 20-35 basis points
  • July 2019 rate cut: 20-30 basis points
  • October 2019 rate cut: 15 basis points
  • March 2020 rate cut: 25 basis points
  • March 2020 emergency rate cut: 0 basis points  
  • Other info: *Westpac has not cut variable home loan rates, but has introduced new lower fixed rates 

</p


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 November 2020. 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 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

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.

In the interests of full disclosure, Savings.com.au, Performance Drive 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.

*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.

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