RBA rate cut: Is your lender naughty or nice?

Kirsty Lamont

03 Oct 2019

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  • 15+ lenders pass through October rate cut to home borrowers

  • UBank, Athena, Homestar and FreedomLend only lenders to pass on full cut

  • Big banks pocket billions with rate cut delay tactics

Online lenders UBank, Athena, Homestar and FreedomLend are on top of the rate cut nice list this month, moving with lightning speed to announce they are passing through the Reserve Bank's October rate cut in full.  

By contrast, the Big 4 banks were the first to make the naughty list this month, and were quickly followed by other mainstream banks including St George, Bank of Melbourne, Bank SA, Bankwest and Suncorp in denying mortgage customers the full benefit of the RBA cut.

While not all online lenders have passed on the rate cut in full, they have been far more generous with their cuts than the banks and the switching savings on offer right now are eye opening. A typical owner occupier with a $300K home loan can now save close to $5,000 by switching to the best rate on the market.

Ready to take advantage of the latest cut to find a better deal?  Start by comparing the latest ultra low rate home loans in the table below.

LOW RATE HOME LOAN COMPARISONS

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    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.

    • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    • 2.47% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

  • UBank
    Mozo Expert Choice Badge

    2.34% p.a. variable

    2.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.34% p.a. variable

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Athena
    Mozo Expert Choice Badge

    2.19% p.a. variable

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.19% p.a. variable

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

  • Virgin Money

    2.04% p.a.
    fixed 2 years

    2.79% p.a.

    $1234

    Product details Close details
    Special Offer Reward Me Fixed Rate Home Loan

    Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.

    • 2.04% p.a.
      fixed 2 years

    • 2.79% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - up to $10,000 per annum

    • no

    • no

    • $450

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback for new borrowings of at least $300,000 with applications made by 22 Jan 2021 and settled by 23 April 2021.

    Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan

  • Macquarie

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • 2.09% p.a.
      fixed 2 years

    • 2.56% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

  • Suncorp

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    • 1.89% p.a.
      fixed 2 years

    • 2.94% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

  • Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)

    Bank of Queensland

    1.99% p.a.
    fixed 4 years

    2.90% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).

    • 1.99% p.a.
      fixed 4 years

    • 2.90% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • $450

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 February 2021, settle by 28 May 2021.

    Read our Mozo Review to learn more about the Discount Fixed Rate

  • 86 400

    2.19% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Neat Home Loan

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    • 2.19% p.a. variable

    • 2.20% p.a.

    • $250

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $250

    • 60.00%

    • $80,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Neat Home Loan

  • People's Choice Credit Union

    1.99% p.a.
    fixed 3 years

    3.64% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Package

    A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.

    • 1.99% p.a.
      fixed 3 years

    • 3.64% p.a.

    • $0

    • $395.00 yearly

    • $350.00

    • yes - free up to $10,000 p.a

    • no

    • no

    • $0

    • 95.00%

    • $100,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Well Home Loans

    2.17% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Well Balanced

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    • 2.17% p.a. variable

    • 2.20% p.a.

    • $785

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $785

    • 80.00%

    • $200,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

^See information about the Mozo Experts Choice Home loans Awards

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.