Big bank RBA watch: How do ANZ, CommBank, NAB and Westpac home loan rates compare after cuts?
02 Oct 2019
It’s official - Australia’s big four banks have now weighed in on the October RBA decision by announcing their respective cuts to variable home loan rate offers.
And not a single one has passed on a full 25 basis point cut.
The Commonwealth Bank was the first of the major banks to make a move just hours after the Reserve Bank cut the official cash rate from 1.00% to 0.75%.
Commbank announced a 0.13% reduction across its Standard Variable Rate home loan offers, with the new Standard Variable rate for owner occupiers making principal and interest repayments set to drop to 4.80% (4.95% comparison rate*) from October 22.
NAB was the second of the big four to move, with an announcement on Tuesday evening that it would shave 0.15% off its variable rate Tailored Home Loans. The decision means the NAB Tailored Home Loan for owner occupiers making principal and interest repayments will drop to 4.77% (4.90% comparison rate*) as of October 11.
“With the RBA cash rate at historic lows, the cost of deposits comes under pressure,” said NAB Chief Customer Officer Consumer Banking, Mike Baird, in a statement released on Tuesday night.
“This dynamic is unlikely to change for the foreseeable future, but we’re determined to support all our customers and play our part by continuing to lend to boost growth and confidence in the economy.”
Meanwhile, ANZ (0.14% reduction) and Westpac (0.15% reduction) also announced changes to their respective variable home loan rates.
ANZ’s move means that their Standard Variable Rate loan for owner occupiers making principal and interest repayments will fall to 4.79% (4.89% comparison rate*) as of October 11.
Westpac’s decision, which will be effective as of October 16, drops the Rocket Repay Home Loan rate for owner occupiers making principal and interest repayments to 4.83% (4.97% comparison rate*).
Are there greener pastures elsewhere for Aussie mortgage holders?
With an average home loan rate in the Mozo database of 3.87% (for owner occupiers making principal and interest repayments) as of October 1, and a handful of lenders offering rates below 3.00%, Mozo Director, Kirsty Lamont, has urged Aussies to look beyond their current lenders if they’re not getting value for money.
“Now that the Reserve Bank has cut rates again the door is well and truly open for new borrowers and refinancers to snag a competitive deal on their home loans,” she said.
“If you haven't already, now is the time to take a long hard look at your current interest rate and seriously weigh up whether it may be time to give your lender the flick if they’re no longer up to scratch.”
Among the lenders who have already announced rate cuts following the Reserve Bank’s decision, online lenders Athena Home Loans, Homestar and UBank have all passed on a full 25 basis point cut.
Athena’s Variable Home Loan now stands at 2.84% (2.80% comparison rate*), Homestar’s Star Essentials Home Loan sits at 2.74% (2.77% comparison rate*) for new borrowers and will apply to existing borrowers from October 28, while UBank’s UHomeLoan - Discount offer will drop to 2.84% (2.84% comparison rate*) from October 29.
So if you’re ready to take the leap, make sure you check out the hot home loan offers below, or keep up to date with all the important home loan rate changes by heading over to our Naughty or Nice table.
Compare home loans 2019 - rates updated daily
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Promoted
Macquarie2.54% p.a. variable
2.81% p.a.
$1234
Product details Close detailsMacquarieOffset Home Loan Package
Owner Occupier, LVR<70%, Principal & Interest
2.54% p.a. variable
2.81% p.a.
Handy offset account to help pay your home loan off sooner. Up to 10 offset accounts per loan account available. Fee free access at ATMs. Waived credit card annual fee. $0 international purchase fees.
Offset Home Loan Package
Handy offset account to help pay your home loan off sooner. Up to 10 offset accounts per loan account available. Fee free access at ATMs. Waived credit card annual fee. $0 international purchase fees.
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2.54% p.a. variable
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2.81% p.a.
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$0
-
$248.00 yearly
-
$400.00
-
yes - free
-
yes - free
-
yes
-
$0
-
70.00%
-
$150,000
-
$5,000,000
-
Variable
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Principal & Interest
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Owner Occupier
-
Monthly
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Read our Mozo Review to learn more about the Offset Home Loan
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Promoted
loans.com.au
2.48% p.a. variable
2.50% p.a.
$1234
Product details Close detailsloans.com.au Smart Home Loan 80
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
Smart Home Loan 80
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
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2.48% p.a. variable
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2.50% p.a.
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$520
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$0.00
-
$0.00
-
yes - free
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yes - free
-
Optional - with 0.10% additional interest
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$520
-
80.00%
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan 80
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Promoted
HSBC 2.09% p.a.
fixed 2 years2.98% p.a.
$1234
Product details Close detailsHSBC Fixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
Fixed Rate Home Loan
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
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2.09% p.a.
fixed 2 years -
2.98% p.a.
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$0
-
$0.00
-
$300.00
-
yes - free up to $10,000 p.a.
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no
-
no
-
$0
-
80.00%
-
$50,000
-
$7,500,000
-
Fixed
-
Principal & Interest
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Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Fixed Rate Home Loan
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Promoted
Athena 2.34% p.a. variable
2.34% p.a.
$1234
Product details Close detailsAthena Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Celebrate Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
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2.34% p.a. variable
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2.34% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
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yes - free
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no
-
$0
-
60.00%
-
$100,000
-
$2,000,000
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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Promoted
Hot Deal Up to $1,500 cash back on refinances (T&Cs apply)
Homestar 2.29% p.a. variable
2.32% p.a.
$1234
Product details Close detailsHomestar Star Essentials Home Loan
Owner Occupier, Principal & Interest
2.29% p.a. variable
2.32% p.a.
Low Cost Home Loan 2020 winner.^ A home loan packed with all the essentials and offering up to $1500 cashback and no ongoing fees. No Construction loans.
Star Essentials Home Loan
Low Cost Home Loan 2020 winner.^ A home loan packed with all the essentials and offering up to $1500 cashback and no ongoing fees. No Construction loans.
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2.29% p.a. variable
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2.32% p.a.
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$515
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$0.00
-
$535.00
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yes - free
-
yes - free
-
no
-
$515
-
80.00%
-
$150,000
-
$850,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Refinances receive up to $1,500 cashback or upfront fees waived on purchases for applications received by 31 October 2020 and settled by 31 January 2021.
Read our Mozo Review to learn more about the Star Essentials Home Loan
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Promoted
UBank 2.49% p.a. variable
2.49% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.49% p.a. variable
2.49% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
UHomeLoan - Discount Offer
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
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2.49% p.a. variable
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2.49% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
80.00%
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Hot Deal $2,000 Refinance Cash Bonus (T&Cs apply)
Suncorp2.68% p.a. variable
2.69% p.a.
$1234
Product details Close detailsSuncorpBack to Basics Special
LVR<80%, Owner Occupier, Principal & Interest
2.68% p.a. variable
2.69% p.a.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
Back to Basics Special
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
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2.68% p.a. variable
-
2.69% p.a.
-
$0
-
$0.00
-
$350.00
-
Yes - free
-
first redraw per month free
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no
-
$0
-
80.00%
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 18 December 2020 and settled by 26 March 2021.
Read our Mozo Review to learn more about the Back to Basics Special
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Promoted
Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
Bank of Queensland2.59% p.a. variable
2.76% p.a.
$1234
Product details Close detailsBank of QueenslandEconomy Home Loan Discount Rate
Owner Occupier, Principal & Interest, <70% LVR
2.59% p.a. variable
2.76% p.a.
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
Economy Home Loan Discount Rate
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
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2.59% p.a. variable
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2.76% p.a.
-
$450
-
$10.00 monthly
-
$320.00
-
yes - free
-
yes
-
no
-
$450
-
70.00%
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 29 November 2020, settle by 28 February 2021.
Read our Mozo Review to learn more about the Economy Home Loan Discount Rate
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Promoted
IMB Bank2.61% p.a. variable
2.67% p.a.
$1234
Product details Close detailsIMB BankBudget Home Loan
LVR <80%, Owner Occupier, Principal & Interest
2.61% p.a. variable
2.67% p.a.
Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.
Budget Home Loan
Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.
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2.61% p.a. variable
-
2.67% p.a.
-
$773
-
$0.00
-
$350.00
-
yes - free
-
yes - free
-
no
-
$773
-
80.00%
-
$75,000
-
$5,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Budget Home Loan
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-
Promoted
AMP Bank2.59% p.a. variable
3.00% p.a.
$1234
Product details Close detailsAMP BankProfessional Package Variable Rate Home Loan Professional Package
Owner Occupier, Principal & Interest, LVR <80%
2.59% p.a. variable
3.00% p.a.
Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
Professional Package Variable Rate Home Loan Professional Package
Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
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2.59% p.a. variable
-
3.00% p.a.
-
$295
-
$349.00 yearly
-
$350.00
-
yes - free
-
yes
-
yes
-
$295
-
80.00%
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Professional Package Variable Rate Home Loan
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