How have ANZ, Commonwealth Bank, NAB and Westpac responded to the November RBA cut?
![major-banks-atms](https://cdn.mozo.com.au/images/atwood/11518/major-banks-atms.jpg)
The official cash rate has been reduced once again, this time by 15 basis points to a new record low 0.1% following the Reserve Bank Board’s November meeting yesterday afternoon.
As usual, the ball is now in lenders' courts, with homeowners across the country waiting eagerly for news of changes to their home loan rates.
So, how have Australia’s largest banks - ANZ, Commonwealth Bank, NAB and Westpac - responded to this latest rate cut? We’ve wrapped up their moves below.
Commonwealth Bank
- 1.00% cut to 4-year Fixed Rate. Rates now sit at 1.99% p.a. (3.66% p.a. comparison rate*)
- 0.15% cut to 2 and 3-year Fixed Rates.
- 0.10% cut to 1-year Fixed Rate. Rates now sit at 2.19% p.a. (4.12% p.a. comparison rate*)
- No cuts to variable rates
One day after the RBA’s decision, Commonwealth Bank announced it will be making sweeping changes across its range of fixed rate home loans.
The most headline-grabbing element was CommBank’s decision to cut 4-year rates on its Fixed Rate Home Loan (Wealth Package) by a full percentage point, bringing rates down to 1.99% p.a. (3.66% p.a. comparison rate*).
The changes will come into effect on Wednesday, 11 November. As for variable rates, the bank announced that they would remain unchanged.
CommBank also implemented a moratorium on forced sales, assuring borrowers who have deferred their mortgage that they will be able to remain in their homes until at least September 2021. This applies so long as repayments were made on time in the 12 months prior to the deferral.
Westpac
- 0.80% cut to 4-year Fixed Rate. Rates now sit at 1.99% p.a. (3.29% p.a. comparison rate*)
- 0.20% cut to 1, 2 and 3-year Fixed Rates
- No cuts to variable rates
Westpac also announced cuts across its fixed rate suite, effective Monday 9 November. Once in place, the 4-year rate for its Fixed Options Home Loan (Premier Advantage Package) will drop to 1.99% p.a. (3.29% p.a. comparison rate*).
However, there was no mention of cuts for variable rate home loan customers.
“We recognise it has been a tough time for many Australian households, and these changes mean that customers will be able to access even lower interest rates on our home loan and small business loans,” said Richard Burton, Westpac Acting Chief Executive Consumer Division.
“However, we are in an extraordinary period with the official cash rate at a historical low and unconventional monetary policy measures in place. It is critical we carefully manage interest rate changes, while continuing to do our part in supporting customers and the economy.”
NAB
- 0.81% cut to 4-year Fixed Rate. Rates now sit at 1.98% p.a. (3.69% p.a. comparison rate*)
- 0.20% cut to 3-year Fixed Rate. Rates now sit at 2.09% p.a. (3.86% p.a. comparison rate*)
- 0.10% cut to 2-year Fixed Rate. Rates now sit at 2.09% p.a. (4.00% p.a. comparison rate*)
- 0.10% cut to 1-year Fixed Rate. Rates now sit at 2.19% p.a. (4.16% p.a. comparison rate*)
- No cuts to variable rates
NAB’s decision mirrored that of the other big banks, with significant cuts to fixed home loan rates to the exclusion of variable ones. Effective 10 November, 4-year fixed rates for the Tailored Home Loan (Choice Package)will drop to 1.98% p.a. (3.69% p.a. comparison rate*).
NAB Group executive personal banking, Rachel Slade said the decision will provide relief and certainty to homebuyers, while also balancing the interests of deposit and savings customers.
“Australia has had our support from the beginning of this pandemic and we will continue to help our customers through to the other side,” she said.
ANZ
- 0.40% cut to 5-year fixed rate. Rates now sit at 2.29% p.a. (3.66% p.a. comparison rate*)
- 0.40% cut to 4-year fixed rate. Rates now sit at 2.29% p.a. (3.77% p.a. comparison rate*)
- 0.20% cut to 3-year fixed rate. Rates now sit at 2.09% p.a. (3.83% p.a. comparison rate*)
- 0.20% cut to 2-year fixed rate. Rates now sit at 2.09% p.a. (3.97% p.a. comparison rate*)
- 0.30% cut to 1-year fixed rate. Rates now sit at 2.09% p.a. (4.12% p.a. comparison rate*)
- No cuts to variable rates
ANZ was the last of the big four to make its plans known. Late Wednesday, it announced it will be making cuts of up to 0.40% across its range of fixed rate home loans. It was, however, the only major bank which didn't bring at least one headline rate below the 2% mark.
The new rates will be available 5 November, and will let owner occupiers making P&I repayments on the Fixed Rate (Breakfree Package) take advantage of rates as low as 2.29% p.a. (3.77% p.a. comparison rate*) on 4-year terms.
“The RBA and the Government are rightly focussed on supporting the economy by making long-term financing cheaper for small businesses and households during this difficult period. ANZ continues to play its part,” said ANZ Group Executive, Australia Retail & Commercial, Mark Hand.
RELATED: Which banks have cut home loan rates in November?
According to Mozo's banking expert, Peter Marshall, the banks’ decision to not extend relief to variable rate customers doesn’t come as a huge shock.
“Recent profit announcements from two of the big 4 banks have shown sharp falls this year and all banks will be under similar pressures and looking for ways to improve their financial positions," he said.
“Some smaller online lenders have already announced rate reductions though, so for those who are able to switch lenders there are some great rates on offer.”
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5.90
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5.90
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6.16
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6.09
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6.11
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6.09
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6.13
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6.09
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6.13
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$595
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$250.00
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5.69
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6.34
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- Initial monthly repayment
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$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
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6.34
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$0
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$0.00
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no
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5.99
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5.90
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p.a.
- Initial monthly repayment
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$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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5.99
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5.90
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5.99
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6.02
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- Initial monthly repayment
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$2,995
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- Interest rate
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5.99
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- Comparison rate
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6.02
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p.a.
- Upfront fees
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$300
- Ongoing fees
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$0.00
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$395.00
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- Interest rate
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5.99
%
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Fixed 3 years
- Comparison rate
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6.34
%
p.a.
- Initial monthly repayment
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$2,995
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
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5.99
%
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Fixed 3 years
- Comparison rate
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6.34
%
p.a.
- Upfront fees
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$250
- Ongoing fees
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$250.00 yearly
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$300.00
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yes - free
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yes
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- Minimum borrowing amount
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- -
- Type of mortgage
- Fixed
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- Interest rate
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6.01
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p.a.
Variable
- Comparison rate
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6.14
%
p.a.
- Initial monthly repayment
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$3,001
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- Interest rate
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6.01
%
p.a.
Variable
- Comparison rate
-
6.14
%
p.a.
- Upfront fees
-
$134
- Ongoing fees
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$10.00 monthly
- Discharge fee
-
$350.00
- Extra repayments
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yes - free
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-
yes - free
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-
yes
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $3,000,000
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Neat Home Loan
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- Principal & Interest
- LVR <60%
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
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- Weekly, Fortnightly, Monthly
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- -
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Special Real Deal Home Loan
- Owner Occupier
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- LVR <80%
- Interest rate
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6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Initial monthly repayment
-
$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Upfront fees
-
$595
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Extra repayments
-
yes - free
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-
yes - fees apply
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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Flex Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.38
%
p.a.
- Initial monthly repayment
-
$3,043
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.38
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
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- -
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Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
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- Monthly
- Special offers
- -
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Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Initial monthly repayment
-
$3,079
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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