Has your bank cut business loans rates? Here’s the rundown of which banks have announced that they will be passing on some or all of the RBA official cash rate cut to businesses.
The table below summarises the announcements made by financial institutions in relation to their business loan interest rates.
We will update the table below as announcements are made, so keep checking. You can compare current business loans here.
| Lender | Announcement |
|---|---|
| Arab Bank | No announcement as yet |
| ANZ | All business lending variable rate indices will decrease by 0.10%pa, effective 12th August |
| AusWide Bank | No announcement as yet |
| BCU | No announcement as yet |
| Bank Australia | TBA |
| Bank of Melbourne | Variable cash rate business loans will be reduced by 0.10%, effective 23 August |
| Bank of Queensland | TBA |
| Bank of Sydney | TBA |
| BankSA | TBA |
| BankVic | No announcement as yet |
| Bankwest | TBA |
| Beyond Bank | No announcement as yet |
| Bendigo Bank | TBA |
| The Capricornian | No announcement as yet |
| Commonwealth Bank | Business customers to benefit from 0.13% reduction to variable cash rate product, effective 19 August |
| Coastline Credit Union | No announcement as yet |
| CUA | No announcement as yet |
| Defence Bank | No announcement as yet |
| Delphi Bank | No announcement as yet |
| ECU | No announcement as yet |
| First Option CU | No announcement as yet |
| Heritage Bank | No announcement as yet |
| Holiday Coast Credit Union | No announcement as yet |
| HSBC | No announcement as yet |
| Hume Bank | No announcement as yet |
| IMB | Business Loan Rates to reduce by 0.10% per annum, effective 24th August |
| ING DIRECT | Commercial variable loan rates reduce by 0.10% p.a. effective from Monday 15 August |
| Liberty Financial | No announcement as yet |
| Macquarie Bank | No announcement as yet |
| ME | No announcement as yet |
| MyState | No announcement as yet |
| NAB | Standard variable business rate lending products reduce by 0.10% per annum, effective from Friday 19 August |
| Newcastle Permanent | No announcement as yet |
| Northern Inland Credit Union | No announcement as yet |
| People’s Choice Credit Union | No announcement as yet |
| Queenslanders Credit Union | No announcement as yet |
| Southern Cross Credit Union | No announcement as yet |
| St.George | TBA |
| Summerland Credit Union | No announcement as yet |
| Suncorp Bank | Small business variable interest rate reduced by 0.15% p.a. Effective 24th August |
| The Mutual | TBA |
| Westpac | Variable cash rate business loans reduced by 0.10%, effective 23rd August |
A low cash rate can translate into business borrowing opportunity. You can compare current business loan accounts here.
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