Big bank RBA watch: How do ANZ, CommBank, NAB and Westpac home loan rates compare after cuts?

Tom Watson

02 Oct 2019

Big banks rate cuts october content

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. Advertiser disclosure.

  • loans.com.au
    Mozo Expert Choice Badge" style="width:60px;">

    1.85% p.a.variable for 24 months and then 2.25% p.a. variable

    2.21% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    1.85% p.a.variable for 24 months and then 2.25% p.a. variable

    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Smart Booster Home Loan

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    • 1.85% p.a.variable for 24 months and then 2.25% p.a. variable

    • 2.21% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

    Details Close

  • UBank
    Mozo Expert Choice Badge" style="width:60px;">

    1.85% p.a.
    fixed 3 years

    2.24% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    1.85% p.a.
    fixed 3 years

    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • 1.85% p.a.
      fixed 3 years

    • 2.24% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free up to $20,000 during fixed rate term

    • no

    • no

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 30 September 2022.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Hot Deal For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)

    Athena
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a. variable

    1.99% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    1.99% p.a. variable

    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Celebrate Variable Home Loan

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    • 1.99% p.a. variable

    • 1.99% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • Nano

    1.99% p.a. variable

    1.99% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Owner Occupier, Principal & Interest

    1.99% p.a. variable

    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.

    Variable Home Loan

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.

    • 1.99% p.a. variable

    • 1.99% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • yes - offset sub account

    • $0

    • 75.00%

    • $100,000

    • $2,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 3 years

    2.32% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    2.09% p.a.
    fixed 3 years

    2.32% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Basic Home Loan

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    • 2.09% p.a.
      fixed 3 years

    • 2.32% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Yard
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a. variable

    2.02% p.a.

    $1234

    Product details Close details
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    1.99% p.a. variable

    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Variable Home Loan Special

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    • 1.99% p.a. variable

    • 2.02% p.a.

    • $794

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $794

    • 70.00%

    • $150,000

    • $1,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Special rate applies to home loan applications submitted by 31 October 2021.

    Read our Mozo Review to learn more about the Variable Home Loan Special

    Details Close

  • Hot Deal $3,000 cashback offer when you refinance your home loan to BOQ. To qualify, apply by 31 October 2021, T&Cs apply.

    Bank of Queensland

    1.98% p.a. variable

    2.15% p.a.

    $1234

    Product details Close details
    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR, Debt to Income ratio <6

    1.98% p.a. variable

    2.15% 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 Variable Home Loan

    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%.

    • 1.98% p.a. variable

    • 2.15% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free

    • yes - free

    • no

    • $450

    • 70.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 refinance cashback, min $250,000, 80% LVR or less. Apply before 31 October 2021, settle by 26 November 2021.

    Read our Mozo Review to learn more about the Economy Variable Home Loan

    Details Close

  • Newcastle Permanent

    1.89% p.a.
    fixed 2 years

    3.67% p.a.

    $1234

    Product details Close details
    Special Fixed Rate Home Loan Premium Plus Package

    Owner Occupier, Principal & Interest

    1.89% p.a.
    fixed 2 years

    3.67% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    Special Fixed Rate Home Loan Premium Plus Package

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    • 1.89% p.a.
      fixed 2 years

    • 3.67% p.a.

    • $0

    • $395.00 yearly

    • $0.00

    • yes - free up to $25,000 p.a.

    • yes - free

    • no

    • $0

    • 80.00%

    • $5,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback when you refinance your home loan from another financial institution when you apply by 17 December 2021 and are funded by 28 February 2022, min $250k, LVR <80%

    Read our Mozo Review to learn more about the Special Fixed Rate Home Loan

    Details Close

  • Hot Deal Get a decision on your application fast

    Bluestone

    2.44% p.a. variable

    2.49% p.a.

    $1234

    Product details Close details
    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    2.44% p.a. variable

    2.49% p.a.

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

    Prime Home Loan

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

    • 2.44% p.a. variable

    • 2.49% p.a.

    • $710

    • -

    • $250.00

    • yes - free

    • yes - free

    • yes

    • $710

    • 70.00%

    • $100,000

    • $1,250,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Prime Home Loan

    Details Close

  • Heritage Bank

    2.39% p.a. variable

    2.44% p.a.

    $1234

    Product details Close details
    Discount Variable Home Loan

    Owner Occupier, LVR<70%, over $700,000

    2.39% p.a. variable

    2.44% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    Discount Variable Home Loan

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    • 2.39% p.a. variable

    • 2.44% p.a.

    • $750

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $750

    • 70.00%

    • $700,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Variable Home Loan

    Details Close

^See information about the Mozo Experts Choice Home loans Awards