ING and ME Bank latest home loan lenders to make cuts

By Niko Iliakis · · 4 min read
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This afternoon, we learned that ING will be reducing rates for its variable home loan products by 0.20%. And while that’s five basis points shy of the full 0.25% cut, it still sees several ING home loans among the more competitive in the market.

The changes will apply to both new and existing customers, and will take effect on 18 July. Once in place, we’ll see variable rates for the ING Orange Advantage Home Loan (Package) go as low as 3.23% p.a. (3.56% p.a. comparison rate*).

“The decision to pass on only part of this week's cut isn't surprising. I expect that most banks will hold on to some of the latest reduction in the cash rate this time around,” said Mozo’s banking expert, Peter Marshall.

“As we get closer to an official interest rate of 0% banks’ interest margins are squeezed as there is only so far they can cut the rates they have to pay to attract deposit, which they need to help fund loans for mortgages.”

ME Bank also opted to pass on only 0.15% of the cut to its home loan customers, after passing on the full 0.25% rate cut last month. The changes will come into effect on 23 July, and will apply to both new and existing customers. 

One day on, few lenders have passed on full cut

It’s been a full day since the Reserve Bank announced it will be reducing the cash rate, and while all four major banks made their plans known within a few hours of the decision, most lenders are still dragging their feet. 

Including the Big 4, we’ve recorded activity from 17 lenders. Of these, five have passed on the full cut to customers: ANZ, Athena Home Loans, Homestar, Greater Bank, and State Custodians.

As news from other lenders continues to trickle through, we’ll be keeping tabs on our Naughty or Nice table. Check in periodically to see where your lender falls, and if their decision leaves you wanting to make the switch, head over to our variable rate home loan comparison page for some more attractive options.

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Last updated 24 November 2024 Important disclosures and comparison rate warning*

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  • Fixed Home Loan

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    Initial monthly repayment
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  • Unloan Variable

    • Owner Occupier
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    Interest rate
    5.99 % p.a.
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    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
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    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.

  • Budget Home Loan

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    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

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    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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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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