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

By Ceyda Erem · · 2 min read
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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.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
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  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
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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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