October RBA cut: Which banks have cut home loan rates already?

It’s been two days since the Reserve Bank board made the call to lower the official cash rate from 1.00% to 0.75% - an historically low rate in Australia.
Since then we’ve seen a trickle, rather than a stream, of banks and other home loan lenders cross the finish line by releasing details of their home loan rate cuts in response to the RBA’s decision.
Of the 80 plus mortgage lenders being tracked in the Mozo database, 15 have either cut rates already or announced that they will be cutting rates in the near future (at the time of writing).
So which banks have got in early, which lenders are sitting on their hands and what kind of cuts have we already seen? Here’s what we know so far:
Online lenders impress again
If one theme has prevailed since the RBA’s first rate cut of 2019 back in June, it’s been the size of home loan cuts from many online lenders and the speed with which they’ve delivered them.
Athena and Homestar raced out of the blocks following Tuesday’s RBA announcement - both delivering full 0.25% cuts to their respective variable rate home loans before the ink on RBA Governor Philip Lowe’s monetary policy statement was dry.
Fellow online lender UBank wasn’t far behind after announcing a 0.25% rate cut of its own across a number of variable rate offers.
That means that Athena, Homestar and UBank are now part of a very small group of lenders that have passed each of the RBA’s June, July and October interest rate cuts on in full.
Big banks cop a hiding
It’s safe to say that the majority of pundits would have bet against the big banks passing on Tuesday’s rate cut in full, and they weren’t wrong, with ANZ (0.14%), Commonwealth Bank (0.13%), NAB (0.15%) and Westpac (0.15%) all making cuts well below the full 0.25% mark.
And the failure of the majors to pass on the full cut to their variable home loan customers did not escape attention, with Federal Treasurer, Josh Frydenburg, taking them to task on Wednesday morning.
"The Reserve Bank itself has pointed to the lower borrowing costs for the banks and their expectation that these interest rate cuts are passed on. It's not just the Government that they are going against here, they are also going against the advice of The Reserve Bank," he said in an interview on Channel Nine’s Today Show.
"People should shop around to get the best deal and make their displeasure known to their banks. The rate cut should be passed on in full, that would be a good thing for consumers."
According to Mozo research, the big four have amassed roughly $167 million per month in additional revenue since 2016 by holding back portions of official rate cuts. That’s over $4.5 billion in total over the period.
Which other banks have cut home loan rates?
A handful of other lenders have joined the online players and big banks in announcing variable rate home loan cuts since Tuesday’s RBA decision, so this is how they've fared over the three most recent cuts:
Full 0.25% cut (October)
June 2019 | July 2019 | October 2019 | |
---|---|---|---|
Athena | -0.25% | -0.25% | -0.25% |
Freedomlend | -0.20% | -0.25% | -0.25% |
Homestar | -0.25% | -0.25% | -0.25% |
UBank | -0.25% | -0.25% | -0.25% |
Other cuts
June 2019 | July 2019 | October 2019 | |
AMP | -0.25% | -0.20% | -0.15% |
ANZ | -0.18% | -0.25% | -0.14% |
---|---|---|---|
Bank Australia | -0.25% | -0.16% | -0.10% |
Bankwest | -0.25% | -0.19% | -0.13% |
Bendigo Bank | -0.20% | -0.20% | -0.15% |
Beyond Bank | -0.25% | -0.17% | -0.15% |
BOQ | -0.25% | -0.15% | -0.10% |
Bank of Melbourne | -0.20% | -0.20% | -0.15% |
Bank SA | -0.20% | -0.20% | -0.15% |
Citi | -0.25% | -0.18% | -0.15% |
CommBank | -0.25% | -0.19% | -0.13% |
CUA | -0.25% | -0.17% | -0.13% |
Greater Bank | -0.25% | -0.25% | -0.14% |
Heritage Bank | -0.20% | -0.15% | -0.15% |
HSBC | -0.22% | -0.20% | -0.15% |
ING | -0.25% | -0.20% | -0.15% |
loans.com.au | -0.20% | -0.25% | -0.15% |
Macquarie | -0.25% | -0.20% | -0.15% |
MyState Bank | -0.20% | -0.20% | -0.15% |
ME | -0.25% | -0.15% | -0.15% |
NAB | -0.25% | -0.19% | -0.15% |
Newcastle Permanent | -0.25% | -0.25% | -0.13% |
P&N Bank | -0.18% | -0.18% | -0.16% |
Qudos Bank | -0.25% | -0.15% | -0.15% |
RACQ Bank | -0.25% | -0.25% | -0.15% |
RAMS | -0.20% | -0.20% | -0.15% |
Reduce | -0.25% | -0.17% | -0.20% |
St.George | -0.20% | -0.20% | -0.15% |
Suncorp | -0.20% | -0.19% | -0.15% |
Tic:Toc | -0.20% | -0.20% | -0.15% |
Virgin Money | -0.22% | -0.18% | -0.15% |
Westpac | -0.20% | -0.20% | -0.15% |
Not happy with your current lenders interest rate or the fact that they’ve been slow to pass it on to you?
Start your search for a new deal by checking out some of the great offers in the table below, or head over to the Mozo home loan comparison hub for an even greater selection of loans from over 80 different lenders.
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5.74
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5.65
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- Initial monthly repayment
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$2,915
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5.74% p.a. (5.65% p.a. comparison rate)
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n/a
- Upfront fees
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$0
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$0.00
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- Maximum loan to value ratio
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80.00%
- minimum borrowing amount
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$10,000
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$10,000,000
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Variable
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Owner Occupier
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Weekly, Fortnightly, Monthly
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yes - free
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yes - free
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-
- Offset account
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no
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Basic Home Loan
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5.89
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5.91
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- Initial monthly repayment
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$2,962
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5.89% p.a. (5.91% p.a. comparison rate)
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n/a
- Upfront fees
-
$350
- Ongoing fees
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$0.00
- Discharge Fee
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$400.00
- Package
-
-
- Maximum loan to value ratio
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60.00%
- minimum borrowing amount
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$150,000
- maximum borrowing amount
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$10,000,000
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Variable
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Owner Occupier
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Monthly
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yes - free
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yes - free
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no
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yes
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5.79
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5.83
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p.a.
- Initial monthly repayment
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$2,931
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- Option to add an offset for 0.10% p.a.
- interest rate
-
5.79% p.a. (5.83% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
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$50,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
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Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
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-
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Switch & Save One Year Fixed Home Loan
- Fixed rate
- Owner occupier
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- Offset available
- Redraw available
- Interest rate
-
5.54
%
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Fixed 1 year
- Comparison rate
-
5.74
%
p.a.
- Initial monthly repayment
-
$2,852
- No penalty for early payout
- No penalty for making additional payments
- 100% Savings Offset facility
- interest rate
-
1 year - 5.54% p.a. (5.74% p.a. comparison rate)
- Fixed loan revert rate
-
5.64% p.a.
- Upfront fees
-
$1,555
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
-
- minimum borrowing amount
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$100,000
- maximum borrowing amount
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$900,000
- type of mortgage
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Fixed
- Repayment types
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Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$100.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
-
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-
-
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Basic Home Loan
- Fixed rate
- Owner occupier
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- 30% min deposit
- Redraw available
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
5.85
%
p.a.
- Initial monthly repayment
-
$2,855
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
- interest rate
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1 year - 5.69% p.a. (5.89% p.a. comparison rate)
2 years - 5.55% p.a. (5.85% p.a. comparison rate)
3 years - 5.55% p.a. (5.82% p.a. comparison rate)
4 years - 5.69% p.a. (5.84% p.a. comparison rate)
5 years - 5.69% p.a. (5.83% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
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Fixed
- Repayment types
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Principal & Interest
- Availability
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Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
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yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
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-
- Offset account
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no
- Split account
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yes
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Offset Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Offset available
- Redraw available
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.08
%
p.a.
- Initial monthly repayment
-
$2,855
- Open up to 10 offset accounts
- No fee to redraw or split into multiple loan accounts
- Variable and fixed rates available
- interest rate
-
1 year - 5.69% p.a. (6.12% p.a. comparison rate)
2 years - 5.55% p.a. (6.08% p.a. comparison rate)
3 years - 5.55% p.a. (6.05% p.a. comparison rate)
4 years - 5.69% p.a. (6.07% p.a. comparison rate)
5 years - 5.69% p.a. (6.06% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
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yes
- Other restrictions
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-
- Other benefits
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-
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Switch and Save Home Loan
- Owner occupier
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- Offset available
- Redraw available
- Interest rate
-
5.64
%
p.a.
Variable
- Comparison rate
-
5.75
%
p.a.
- Initial monthly repayment
-
$2,883
- No penalty for early payout
- No penalty for making additional payments
- 100% Savings Offset facility
- interest rate
-
5.64% p.a. (5.75% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$1,555
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
-
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$900,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$100.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
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Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
- Cashback
- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.00
%
p.a.
- Initial monthly repayment
-
$2,899
- Get up to $4,000 cashback (T&Cs apply)
- Up to 12 months repayments in advance without penalties
- Split loan available
- interest rate
-
1 year - 6.19% p.a. (6.08% p.a. comparison rate)
2 years - 5.69% p.a. (6.00% p.a. comparison rate)
3 years - 5.69% p.a. (5.98% p.a. comparison rate)
4 years - 5.89% p.a. (6.03% p.a. comparison rate)
5 years - 5.89% p.a. (6.03% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
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$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
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Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- RATE CUT NOW LIVE!
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Simple Home Loan Variable
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.74
%
p.a.
- Initial monthly repayment
-
$2,915
- No application, ongoing or monthly fees
- Make additional repayments at any time
- Access your money via internet banking at any time
- interest rate
-
5.74% p.a. (5.74% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$3,500,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Valuation and legal fees covered up to $1,000. Anything above this charged at cost.
- Other benefits
-
-
- Special Offers
-
-
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Your selected home loans
*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.
* 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
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