ING, ME, HSBC and UBank join March RBA rate cut tribe

Ceyda Erem

05 Mar 2020

Two days on rba content

Despite the news of toilet paper outages across the country and the rapid spread of the coronavirus, it would’ve been hard to miss the news that the Reserve Bank of Australia (RBA) lowered the cash rate from 0.75% to 0.50% on Tuesday. 

As of today, 26 lenders have announced their decision to whether they will be passing the full 0.25% cut onto their home loan customers. 

Sending shockwaves through the country all members of the big four - Westpac, CommBank, ANZ and NAB -  each revealed that they would be passing on the RBA’s rate cut in full, though not effective immediately. 

Westpac Chief Executive, David Lindberg in particular stated that the reasoning for the full cut to support customers through a sensitive time in the economy. 

But it was online lenders, such as Athena, Homestar and neobank, 86 400 that took the lead and announced their decision within minutes and slashed rates immediately. 

Other lenders who wasted no time announcing rate reductions were FreedomLend, loans.com.au and Reduce Home Loans

Second wave of cuts pour through 

As the dust settles from Tuesday afternoon, more lenders have since come forward with their rate decisions. 

Some of the latest lenders to pass on the full 0.25% RBA cut include: 

ME, effective date, 26 March 

ING, effective date, 18 March

Newcastle Permanent, effective date, 26 March 

MyState, effective date, 31 March 

HSBC, effective date, 23 March 

Online lender, UBank will also cut their variable rates by 25 basis points, however customers won’t see these new rates come into effect until 3 April. 

Majority of lenders playing nice this time around 

According to the Mozo database, of the 26 lenders who have announced their rate cut decision, only 3 have announced they will not pass on the cut in full  - Bank of Queensland, Virgin Money and RACQ Bank will all only pass on 0.17%.

While the remaining home loan lenders haven’t been as quick to make a decision, Aussies looking to stay up to date with the latest movements can check out our March RBA rate cut table.

Compare variable rate home loans

Rates updated daily. Advertiser disclosure.

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

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

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

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

    • 1.99% p.a.variable for 12 months and then 2.48% p.a.

    • 2.47% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • 80.00%

    • $520

    • $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

  • Macquarie

    2.64% p.a.

    2.64% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Owner Occupier, LVR<80%, Principal & Interest

    2.64% p.a.

    2.64% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • 2.64% p.a.

    • 2.64% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $150,000

    • $749,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Monthly

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

    Details Close

  • UBank

    2.34% p.a.

    2.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    2.34% p.a.

    2.34% p.a.

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

    UHomeLoan - Discount Offer

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

    • 2.34% p.a.

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

    Details Close

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

    2.19% p.a.

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    2.19% p.a.

    2.19% p.a.

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

    Celebrate Variable Home Loan

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

    • 2.19% p.a.

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 60.00%

    • $0

    • $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

  • Suncorp

    2.44% p.a.

    2.45% p.a.

    $1234

    Product details Close details
    Back to Basics Special

    LVR<80%, Owner Occupier, Principal & Interest

    2.44% p.a.

    2.45% p.a.

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.

    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.

    • 2.44% p.a.

    • 2.45% p.a.

    • $0

    • $0.00

    • $350.00

    • Yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Back to Basics Special

    Details Close

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