One week on: ING, Bendigo Bank, BOQ to reduce home loan rates following RBA cut

It’s been one week since the RBA cut official interest rates, and we’ve received word of most major lenders’ plans. Now that the dust has settled a little, let’s take a look at some more big names, including ING and Bendigo Bank, that have announced cuts.

ING cuts 0.15%

On Friday, ING announced it will be cutting variable rate home loans by a modest 0.15%. The changes will come into effect on 16 October, and will apply to both new and existing customers. 

Once in place, the ING Mortgage Simplifier will be sporting rates as low as 3.03% p.a. (3.06 p.a. comparison rate*). That leaves owner occupiers making P&I repayments on a $400,000 loan over 30 years looking at savings of $33 a month, or $396 a year.

Find out more about ING home loans

Bendigo Bank cuts 0.15%

Bendigo Bank has also decided to make cuts to its range of home loans. As of 15 October, variable rates for both owner occupiers and investors will be reduced by 0.15%. That will see rates for the Basic Home Loan drop to 3.24% p.a. (3.43% p.a. comparison rate*).

“These rate changes carefully consider the diverse interests of all stakeholders, the performance of our business, our market competitiveness and our deep connection with, and responsibility to, communities right across our national network,” said Managing Director, Marnie Baker. 

Find out more about Bendigo Bank home loans

BOQ cuts 0.10%

Bank of Queensland was also among the latest round of lenders to make a move. As of 25 October, owner occupiers and investors making P&I repayments will see cuts in the range of 0.10%, while investors making interest only repayments will be treated to a 0.25% reduction. 

According to Lyn McGrath, Group Executive of Retail Banking at BOQ, the changes “will offer repayment relief to all of BOQ’s home lending customers, with a view to helping more Australian families own their own home sooner.”

Find out more about BOQ home loans

Virgin Money cuts 0.15%

Virgin Money, which is part of the BOQ Group, was a bit more generous. As of 25 October, variable interest rates for owner occupiers and investors making P&I repayments will drop by 0.15%. Interest only loans, on the other hand, will be reduced by 0.20%.

“We are committed to ensuring Virgin Money’s Reward Me Home Loans continue to offer customers great value and provide them with the opportunity to earn Velocity Frequent Flyer Points upfront, every month and on anniversaries,” said Virgin Money CEO, Greg Boyle.

Find out more about Virgin money home loans

How have lenders responded to October’s rate cut?

Unlike the other two RBA rate cuts this year, we haven’t seen anywhere near as many lenders eager to pass on the full cut to their customers.

Among the big banks, CommBank was the first to move, opting to decrease variable home loans rates by 0.13%. NAB, ANZ and Westpac followed soon after, making cuts of no more than 0.15%. Save for a trio of online lenders that quickly announced cuts of 0.25%, most lenders have done the same.

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

But while rate cut fatigue might have set in a little, at the end of the day customers will still be looking at a great deal of savings. If you’re wondering how your lender has responded, be sure to browse our Naughty or Nice table.

And if you’re after a fantastic home loan, check out the options below, or visit or variable rate home loan comparison table, where you’ll be able to filter your search to find one that suits you.

Home loan comparisons on Mozo - last updated 11 August 2022

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  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

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  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. 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 in as little as 10 minutes.

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  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details

* 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, loan amount and term entered. 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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