November RBA cut: Which banks have cut home loan rates?

By Tom Watson ·

Last Updated: 8:54am, November 11

For a third time since March and a sixth time since June 2019, the Reserve Bank has cut the official cash rate - this time by 15 basis points to a new record low of 0.10%.

Of course, the move has wide-ranging repercussions and it wasn’t the only measure enacted at the November board meeting, but there will be one major question on the minds of many Australians: ‘Has my lender passed on the cut to my home loan rate?’

If the reaction from banks and lenders is anything like the response following the RBA’s emergency cut in March, responses will be varied. Some lenders will move quickly, others will be slower; some will cut variable rates while others may move on fixed rates.

To keep you in the loop, we’ll be regularly updating this page with all the significant changes from major and minor lenders as they flow in, including the size of any cuts and when they’ll come into effect.

But first, to provide a reference point, here’s a snapshot of the average owner occupier^ home loan rates in our database as of November 2, 2020. Bear in mind, these are likely to fall further in the coming weeks:

Loan typeAverage rate
Variable3.34%
1-year fixed2.51%
2-year fixed2.48%
3-year fixed2.52%
4-year fixed2.90%
5-year fixed2.91%

Big Four

ANZ

  • Cuts of up to 40bp across fixed rates (effective 5 November)
  • No cuts to variable rates

ANZ was the last of the big four to announce its response to the RBA cut. The bank will be making cuts of between 20-40 basis points across select fixed rate loans, though its variable rates will remain unchanged.

Commonwealth Bank

  • Extensive cuts to fixed rates (effective November 11)
  • No cuts to variable rates

The Commonwealth Bank was the first major bank to respond to the RBA’s November rate cut, announcing further reductions to fixed loan rates including a substantial 100bp cut to a 4-year fixed offer. However, the bank also announced that there would be no cuts to variable rates.

NAB

  • Sizeable reductions to fixed home loan rates (effective 10 November)
  • No word on variable rate cuts

Just over 24 hours after the RBA’s November rate decision NAB became the third major bank to announce its response, cutting a number of fixed rate products by up to 81 basis points. While it’s 4-year fixed rate offer will drop to a new low, there was no word on variable rates from NAB.

Westpac

  • Further cuts to fixed rate loans (effective November 9)
  • No mention of cuts to variable rates

Westpac became the second major to make an announcement after the RBA’s decision, following CBA in making a number of cuts to fixed loan rates including a large reduction to a 4-year fixed offer. In its initial release Westpac made no mention of a cut for variable rate customers though.

Banks

AMP

  • Fixed rates cuts up to 70bp (effective November 11)
  • Variable rates unchanged

In response to Tuesday's RBA cut, AMP revealed that it would be making some extensive cuts to fixed rates from November 11, including to its 3-year Fixed Rate Loan (Professional Package) which will fall to 1.97% (3.01% comparison rate*). However, AMP's variable rates appear to be remaining the same. 

Bank of Melbourne 

  • Fixed rate cuts between 20-80 basis points (effective November 9)
  • No cuts to variable rates

While it won’t be making any variable rate cuts, Bank of Melbourne has announced that it will be cutting some of its fixed rate offers by up to 80 basis points as of November 9.

BankSA

  • Fixed rate cuts up to 80 basis points (effective November 9)
  • Variable rates to remain unchanged

BankSA announced that it would be reducing the rates on a number of fixed rate home loans for new customers by up to 80 basis points from November 9, but variable rates will remain unchanged.

Bendigo Bank

  • Fixed rate cuts between 15-110bp (effective November 13)
  • No variable rate reductions

While it refrained from announcing any cuts to variable rate loans, Bendigo Bank did announce that it would be making some extensive cuts to its fixed rate loan offers following the RBA's recent rate cut.

BOQ

  • Cuts to a range of fixed rate loans (effective November 13)
  • No mention of reductions for variable rate customers

Following the RBA’s November rate cut, Bank of Queensland will be cutting a number of fixed home loan rates, though there’s been no mention of variable rate cuts. BOQ’s new lowest rate is set to be just 1.99% (new comparison rate* yet to be released) for a 4-year fixed term.

HSBC

  • Variable rates unchanged
  • Cuts to owner occupier and investor fixed rates

HSBC revealed it would be making a number of cuts to 2 and 3-year fixed rates from November 19, including to its 2-year Fixed Rate Home Loan (Premier) rate which will drop to 1.88% (2.98% comparison rate*).

Macquarie Bank

  • Fixed rate cuts up to 25bp (effective November 11)
  • No variable rate reductions
  • 2-year fixed rate on the Basic Home Loan will drop to 2.09% (2.38% comparison rate*)

Following the RBA’s November decision, Macquarie announced that it would be cutting 1 to 5-year fixed rates by between 10 and 25 basis points from November 11. Variable rates will remain unchanged though.

ME Bank

  • 15bp cut for existing variable customers (effective November 26)
  • 15bp cuts on a number of variable and fixed rate loans 

ME Bank responded to the November RBA cut by announcing a number of cuts to variable and fixed rate loans, including a 15bp cut for existing variable rate customers - all of which will come into effect on November 26.

MyState Bank

  • Variable rate cuts of up to 20bp (effective November 9)
  • Fixed rate cuts between 30 and 100bp

Tasmanian lender, MyState Bank, was one of the few lenders to announce cuts to both fixed and variable rate loans in the wake of the November RBA cut. Its 3-year Fixed Rate Loan for owner occupies now sits at a low of 2.09% (3.81% comparison rate*).

St.George

  • Fixed rate cuts from 20-80 basis points (effective November 9)
  • No variable rate changes

St.George informed customers that it wouldn’t be making any changes to variable rates following the November RBA cut, but it will be cutting a number of fixed home loan rates from November 9.

Suncorp

  • No variable rate changes
  • 2-year fixed rate to drop to 1.89% (new comparison rate* yet to be released)

In response to the RBA’s November rate cut, Suncorp has announced a fixed rate cut for owner occupiers effective as of November 19. However, variable rates are unlikely to change.

UBank

  • 15bp variable rate cut (effective November 29)
  • 3-year UHomeLoan (Fixed) rate to be cut to 1.95% (2.36% comparison rate*) from November 13

In good new for both new and existing customers, online bank UBank announced a number of new cuts including a 15 basis point reduction on variable rates and a substantial cut to its 3-year fixed rate loan. 

Virgin Money

  • Both fixed and variable cuts (effective November 13)
  • 2 and 3-year fixed rates to fall to 2.04% (new comparison rate* yet to be released)

Virgin Money has good news for all types of borrowers following the RBA’s latest rate cut. The bank has announced cuts to both fixed and variable rate loans (more information on the variable rate cut to come) which will come into effect on November 13.

Building societies and credit unions

CUA

  • 1.97% (new comparison rate* yet to be released) 3-year fixed rate
  • No variable rate cuts

While it hasn’t announced any variable rate cuts, credit union CUA has revealed a number of fixed rate cuts, including a particularly sharp 3-year fixed rate for owner occupiers. The new rates will come into effect on November 12.  

Newcastle Permanent

  • Fixed rate cuts up to 101bp (effective November 11)
  • Variable rates to remain unchanged

In response to the Reserve Bank’s latest rate decision, Newcastle Permanent announced a number of significant cuts to fixed rate home loans which will take effect as of November 11. Variable rates will remain the same though.

Online Lenders

Athena

  • 15bp variable rate cut for new and existing customers (effective November 3)

Athena has typically been among the first lenders to pass on RBA cuts to its own home loan rates in the past and the online lender wasted no time this time around either, passing on the full 15 basis point cut to new and existing customers.

FreedomLend 

  • 20bp cut on variable home loans (effective November 3)
  • 2.19% variable rate (2.19% comparison rate*) on the Variable Home Loan for owner occupiers with an LVR below 80%

FreedomLend joined its fellow online lenders with a rate day cut of its own - a 20 basis point reduction across a number of variable rate offers for owner occupiers and investors.

homeloans.com.au

  • 15bp cut for new and existing variable rate customers
  •  2.24% (2.26% comparison rate*) variable rate on the Low Rate Home Loan for owner occupiers with an LVR of 60-80%

homeloans.com.au (a subsidiary of Resimac) announced almost straight away that it would pass on a 15 basis point cut to both new and existing variable rate customers. 

Homestar

  • 15bp cut for new customers (effective November 3)

Online lender Homestar reacted to the RBA cut immediately by cutting variable rates by 15 basis points for new customers. 

RELATED: The RBA just slashed interest rates to 0.10%. What will that mean for your mortgage? 

Look to refinance to a rate that's more up to date than your current home loan? Check out some of the competitive offers below, or head on over to the Mozo home loans comparison table for latest rates from a range of lenders. 

^Based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR.

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    Tom Watson
    Finance journalist

    Tom Watson is a financial journalist at Mozo, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney.