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

By Ceyda Erem · · 2 min read
Fact Checked
Advertiser disclosure

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 24 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    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

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    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.

Showing 4 of 430 home loans. Use the filters to see more
image of houses

Need help with your Home Loan?

Whether you're looking to purchase a new home or refinance your existing loan, our friends at Lendi can help! Lendi’s expert advice is completely free of charge. Book an appointment and enter the draw to win $30K.

Learn more

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Compare home loans