How have ANZ, Commonwealth Bank, NAB and Westpac responded to the November RBA cut?

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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.”

Last updated 21 April 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • 2-Year Discounted - Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable for 24 months and then 5.74% p.a.
    Comparison rate
    5.69 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
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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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