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.
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 - page last updated October 31, 2020
Smart Home Loan 80
Fixed Rate Home Loan
Celebrate Variable Home Loan
UHomeLoan - Discount Offer
Back to Basics Special
^See information about the Mozo Experts Choice Home Loans Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.