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 - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

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    Details
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    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.75% p.a.
    fixed 3 years
    2.22% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.43% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

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    Details
  • placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.

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    Details
  • placeholder
    Fixed Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.15% p.a.

    Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^

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    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.

^See information about the Mozo Experts Choice Home Loans Awards

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