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Home loan interest rates slashed after RBA emergency rate cut | Updated List
27 Mar 2020
For the second time this month the Reserve Bank of Australia (RBA) has cut the cash rate. Here is our list of banks who have reduced their rates in response to this emergency announcement, along with those who reduced their rates after the previous RBA rate cut on March 3.
To help ease the financial burden of the Coronavirus outbreak, the RBA pulled the trigger on an emergency rate cut on March 19, the first out-of-cycle reduction since 1997. The cash rate now sits at a record low of 0.25%.
Banks typically use the official cash rate as a guide for setting interest rates on their products, such as home loans and savings accounts. Search for your bank in the lists below:
Lenders that have announced lower home loan rates since March 19 emergency cash rate cut
86 400
Effective 26 March, the bank has cut rates on all of its fixed home loans. For example, its 1-year owner occupied principal and interest loan was reduced from 3.29% to 2.59%.
Adelaide Bank
Effective 27 March, Adelaide Bank is cutting rates on all of its owner occupier and investor fixed rate home loans, with reductions of up to 0.70 percentage points.
ANZ
ANZ said it will cut all variable interest home loans rates by 15 basis points (effective from 27 March), becoming the first of the big four to cut variable rates following the RBA’s emergency decision on 19 March.
On top of this, ANZ said it will introduce a 2-year fixed rate of 2.19% (comparison rate to be advised) for owner-occupiers paying principal and interest, the lowest on record for the bank.
ANZ said customers can also request a deferral of their home loan repayments for up to six months, with a review at three months (interest will continue to build up over this time and be added to the outstanding loan balance).
Australian Military Bank
Effective 26 March, the bank will reduce all variable home loan rates by 0.25 percentage points.
Auswide Bank
The bank has reduced its RBA Rate Tracker variable home loan rate by 0.25 percentage points. It has also cut its fixed home loan interest rates by up to 0.70 percentage points for new loans and for existing customer fix requests.
Bank Australia
Effective 31 March, the bank will reduce fixed rate home loans by up to 1.05 percentage points for 1, 2, and 3-year loans for owner occupiers and investors with Principal and Interest repayment terms.
Bank of Melbourne
Effective 27 March, some of its fixed home loan rates will be reduced by 0.65 percentage points. This reduction will be offered to owner occupiers on principal and interest repayments with an Advantage Package:
- 1-year fixed rate home loan decreasing by 0.65% to 2.29% (comparison rate 3.58%)
- 2-year fixed rate home loan decreasing by 0.65% to 2.29% (comparison rate 3.50%)
- 3-year fixed rate home loan decreasing by 0.65% to 2.29% (comparison rate 3.43%)
The bank will also cut fixed 4 and 5-year owner occupier loans with principal and interest repayments, as well as reduce rates on its investment home loans.
BankSA
Effective 27 March, some of the banks’ fixed home loan rates will be reduced by 0.60 percentage points. This reduction will be offered to owner occupiers on principal and interest repayments with an Advantage Package:
- 1-year fixed rate home loan reduced by 0.60% to 2.29% (comparison rate 3.58%)
- 2-year fixed rate home loan reduced by 0.60% to 2.29% (comparison rate 3.50%)
- 3-year fixed rate home loan reduced by 0.60% to 2.29% (comparison rate 3.43%)
The bank will also cut fixed 4 and 5-year owner occupier loans with principal and interest repayments, as well as reduce rates on its investment home loans.
BankVic
Effective 25 March, the interest rates on 1 and 2-year fixed rate owner occupied home loans will be reduced to the following:
- 1 year Fixed Rate: 2.19% (Comparison rate: 3.76%)
- 2 year Fixed Rate: 2.19% (Comparison rate: 3.62%)
Bankwest
Effective 27 March, the bank will apply a 0.60 percentage point reduction to its Complete Fixed Home Loan Package for owner occupiers paying principal and interest. The reduced three-year fixed rate will be 2.33% (comparison rate 3.51%) and is available to new applications or for existing variable rate customers who want to switch to a fixed rate.
Bendigo Bank
Effective 30 March, Bendigo Bank will reduce its one, two and three-year fixed rates for all owner occupier and investor home loans by up to 0.70 percentage points. This decision brings the Bank’s Bendigo Express product to 2.29% for one, two and three-year fixed terms.
Variable home loan rates have not changed.
BOQ
Effective 3 April, BOQ are reducing some of its fixed rate home loans. The new rates are as follows:
- 2-year fixed interest rate of 2.29% for Owner Occupiers (P&I)
- 3-year fixed interest rate of 2.35% for Owner Occupiers (P&I)
Citi
Effective 30 March, the bank will reduce variable home loans for owner occupiers by 0.10 percentage points. For example, Citi’s Basic Variable rate of 2.81% will drop to 2.71%.
Commonwealth Bank
Commonwealth Bank will cut its 1, 2 and 3-year fixed home loans by 70 basis points to an “all-time low” of 2.29% from 30 March, but at this stage is not moving on variable rates.
The bank will also reduce home loan direct debit repayments down to the minimum payment required from 1 May.
CUA
Effective 1 April, CUA has announced it will offer 2 and 3-year fixed home loans at a rate of 2.29% (comparison rates of 4.11% and 3.94%) for owner occupiers paying principal and interest. This is a reduction of at least 0.55 percentage points for these loans and will be available for new customers and those looking to switch loans.
Heritage Bank
Effective 1 April, Heritage Bank will cut interest rates across most fixed rate home loans, up to 0.30 percentage points for a one-year owner occupier and 0.29 percentage points for a one-year investor loan. Variable rates remain unchanged.
HSBC
Effective 30 March, the bank will reduce 1, 2 and 3-year fixed rate home loans by 0.50 percentage points to 2.25% for owner occupiers paying principal and interest. HSBC will also waive its standard fees for existing home loan customers who wish to switch from a standard variable rate to a fixed rate product. Variable rates will remain the same.
Hunter United
Effective March 27, Hunter United will reduce all variable interest rate home loans by 0.15 percentage points (the bank’s second 15% variable rate cut in March).
ING
Effective 26 March, the bank will offer new owner occupier fixed home loan rates, including a two-year fixed rate of 2.09% (comparison rate of 3.77%) for new and existing customers paying principal and interest on an Orange Advantage home loan.
Variable rates are unchanged.
Macquarie Bank
Effective 27 March, Macquarie Bank will reduce 1, 2, and 3-year fixed rates by 0.25% on Owner Occupied loans with Principal and Interest repayments.
ME
Effective 26 March, ME Bank will offer new fixed rate home loan products including 1-, 2- and 3-year terms, starting as low as 2.19% for 2 years. The bank will also offer customers the option to pause home loan repayments for up to six months, with a review at three months.
Variable rates are unchanged.
Mortgage House
Effective 27 March, the bank will reduce some of its fixed rate home loans. For example its Advantage 1-year fixed loan for owner occupiers will be cut from 3.49% to 2.39%.
National Australia Bank
NAB will be cutting its fixed rate home loans by up to 60 basis points, without changing its variable rates.
Effective from 25 March, reductions for NAB’s owner-occupier fixed rate loans will be as follows:
- 1-year fixed: 2.39% (reduction of 60 basis points, comparison rate to be advised by NAB)
- 2-and 3-year fixed: 2.29% (reduction of 60 basis points, comparison rate to be advised by NAB)
- 4-and 5-year fixed: 2.79% (reduction of 20 basis points, comparison rate to be advised by NAB)
- First home buyers 2-year fixed: 2.19% (reduction of 60 basis points, comparison rate to be advised by NAB).
NAB will also allow some of its variable home loan customers to pause their home loan repayments for up to six months, including a checkpoint (or review) after three months.
Newcastle Permanent
Effective 27 March, the bank will be reducing some of its fixed rate home loans. For example, its 1-year Premium Plus Package fixed rate home loan will be cut from 2.99% to 2.29%, a reduction of 0.70 percentage points.
Pacific Mortgage Group
The bank has reduced their fixed rates to the following:
Owner Occupied
- 1 year fixed – 2.15% (2.51% comparison rate)
- 2 year fixed – 2.15% (2.48% comparison rate)
- 3 year fixed – 2.15% (2.45% comparison rate)
- 4 year fixed – 2.79% (2.83% comparison rate)
Investment
- 1 year fixed – 2.45% (2.81% comparison rate)
- 2 year fixed – 2.45% (2.78% comparison rate)
- 3 year fixed – 2.45% (2.75% comparison rate)
- 4 year fixed – 3.11% (2.93% comparison rate)
People’s Choice Credit Union
Effective 26 March, People’s Choice will cut fixed rate home loan packages by between 0.60 and 0.70 percentage points. Existing customers can access a rate of 2.29% for a one-year fixed home loan – down from 2.89% – or a rate of only 2.19% for a two-year fixed loan.
These same cuts will flow on to its interest-only fixed-term loans, and its fixed-term investor loans for both principal and interest and interest-only.
No changes to variable home loan rates.
P&N Bank
Effective 27 March, 2 and 3-year fixed rate home loans will be reduced by 0.10 percentage points:
- Fixed rate 2 year <80% LVR – 2.34% (previous rate 2.44%)
- Fixed rate 3 year <80% LVR – 2.29% (previous rate 2.39%)
QBANK
Effective 27 March, QBANK will reduce its variable home loans by 0.18 percentage points, and its fixed home loans by 0.50 percentage points.
Reduce Home Loans
The bank announced it has cut variable rates for existing customers by 0.10 percentage points and has lowered its 1, 2 and 3-year Home Owner’s Dream fixed rates to 2.09%.
Reduce Home Loans rates, at the time of writing, are as follows:
- Home Owners Dream 1, 2 and 3-year fixed 2.09% (comparison rate up to 2.72%)
- Low Rider Variable Home Loan 2.44% (comparison rate 2.47%)
- Rate Lovers Variable Home Loan 2.52% (comparison rate 2.52%)
- Investor Rate Slasher Variable 2.79% (comparison rate 2.83%)
- Investor Rate Lovers Variable 2.84% (comparison rate 2.84%)
St. George Bank
Effective 27 March, the bank will reduce fixed rate home loan for 1, 2 and 3-years to 2.29% for owner occupied customers on principal and interest repayments with an Advantage Package. St. George are also making reductions to its standard fixed 4 and 5-year loans, as well as fixed investment home loans.
Suncorp
Effective 3 April, Suncorp will drop its fixed rate home loans to 2.29% on two-year products and to 2.49% on three-year products.
The Capricornian
Effective 27 March, the bank will decrease its 2 and 3-year fixed interest rates by up to 0.61 percentage points.
TicToc Home Loans
TicToc announced they would offer a lower one to three year fixed rate of 2.22% for owner occupier principal and interest loans, effective 27 March.
Variable rates will not be changed.
Virgin Money
Effective 3 April, Virgin Money are reducing some of its fixed and variable rate home loans. The new rates are as follows:
- 2-year fixed interest rate of 2.29% for Owner Occupiers (P&I)
- 3-year fixed interest rate of 2.35% for Owner Occupiers (P&I)
- Special Owner Occupier Interest Only rate of 2.79% for 1 and 2-year terms
- Special variable rates starting from 2.74% for Owner Occupiers (P&I), and 3.09% for investors
Westpac
Effective 27 March, Westpac will apply a reduced rate of 2.29% for 1, 2 and 3 year fixed loans for owner-occupied customers on principal and interest repayments with a Premier Advantage Package.
The bank will also reduce 4 and 5-year fixed loans by 0.70 basis points, and will make cuts across the board for its investment home loan products and portfolio fixed loans. There will be no change to variable rates at this stage.
In a statement, Westpac said customers who have “lost their job or suffered loss of income as a result of COVID-19 should contact [the bank] for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review”.
How does your loan stack up? Compare all fixed and variable home loans with Canstar.
*Note: New rates will only appear on the Canstar database from the date they are effective.
Lenders that have announced lower home loan rates since March 3 cash rate cut
86 400
Effective 4 March, new and existing variable rate loans for owner-occupiers and investors reduced by 0.25 percentage points. For example, owner occupier principal and interest home loan – 2.84% (comparison rate 3.12%).
Adelaide Bank
Effective 27 March, all new and existing variable home loan rates reduced by 0.25 percentage points.
AMP Bank
AMP Bank is reducing some home loans by up to 0.64 percentage points. Effective 30 March, AMP Bank variable rates reduced by 0.25 percentage points. Effective 13 March, some three-year fixed rate loans will be reduced, including three-year Professional Package Owner Occupier Principal and Interest fixed rate loan – 2.49% (comparison rate 4.02%).
ANZ
Effective 13 March, variable rate cuts by between 0.25 and 0.35 percentage points –
- Owner occupier principal and interest variable rate: 4.54% (comparison rate 4.64%)
- Investor principal and interest variable rate: 5.14% (comparison rate 5.24%)
- Owner occupier interest-only variable rate: 5.09% (comparison rate 4.85%)
- Investor interest-only variable rate: 5.39% (comparison rate 5.33%)
(The rates for package loans could differ to the base rates mentioned above.)
More detail here: Big four banks pass on RBA cut.
Arab Bank Australia
Effective 17 March, Investment and Residential 12 Month HeadStart Home Loan, Essentials Home Loan, The Basics, Line of Credit and The Basics Home Loan – Lowest Rate Offer rates reduced by 0.10 percentage points.
Athena
Effective 3 March, variable rate for owner occupiers paying principal and interest – 2.59% (comparison rate 2.55%).
Aussie Home Loans
Effective 24 March, all Aussie Select Variable home loans will be reduced by 0.25 percentage points.
Australian Unity
Effective 24 March, all home loan products will be reduced by 0.25 percentage points.
Auswide Bank
Effective 5 March, the bank’s RBA Rate Tracker Home Loan was reduced by 0.25 percentage points – 2.99% (comparison rate 3.01%).
Bank Australia
Effective 24 March, all new and existing variable rate home loans reduced by 0.25 percentage points.
Bank First
Effective 25 March, all owner-occupied and investor fixed and variable home loans reduced by 0.25 percentage points.
Bank of Melbourne
Effective 17 March, new and existing variable loans reduced by 0.25 percentage points.
- Owner occupier principal & interest home loan variable rate – 4.54% (comparison rate 4.71%)
- Owner occupier interest only home loan variable rate – 5.13% (comparison rate 5.30%)
- Residential investment principal & interest home loan variable rate – 5.12% (comparison rate 5.29%)
- Residential investment interest only home loan variable rate – 5.41% (comparison rate 5.58%)
- Line of Credit Loan (Portfolio Loan) – 5.98% (comparison rate to be advised)
- Rate reductions also apply to Basic Loans and grandfathered variable rate products.
- Rates do not include any discounts offered for Advantage Package or LVR
BankSA
Effective 17 March, new and existing variable loans decreased by 0.25 percentage points.
- Owner occupier principal and interest home loan variable rate – 4.55% (comparison rate 4.72%)
- Owner occupier interest only home loan variable rate – 5.14% (comparison rate 5.31%)
- Residential investment principal and interest home loan variable rate – 5.12% (comparison rate 5.29%)
- Residential investment interest only home loan variable rate – 5.41% (comparison rate 5.58%)
- Line of Credit Loans (Portfolio Loan) – 5.98% (comparison rate to be advised)
- Rate reductions also apply to Basic Loans and grandfathered variable rate products.
- Rates do not include any discounts offered under the Advantage Package.
BankVic
Effective 5 March for new customers and 16 March for existing, reductions of up to 0.25 percentage points off home loan rates. For example, standard variable rate – 3.60% (comparison rate 3.62%); owner-occupier three-year fixed rate – 2.60% (comparison rate 3.62%).
Bankwest
Effective 18 March, all owner-occupier and investment variable loans reduced by 0.25 percentage points. For example their owner occupier principle and interest variable home loan of <80% LVR – 2.80% (comparison rate 3.25%)
bcu
Effective 1 April, all new and existing owner-occupier and investor home loan rates reduced by 0.25 percentage points. For example, the bank’s OMG <80% LVR rate – 2.94% (comparison rate to be advised).
Bendigo Bank
Effective 27 March, all new and existing variable home loan rates reduced by 0.25 percentage points.
BOQ
Effective 3 April, some loans will be reduced by up to 0.25 percentage points.
- Standard variable rate for owner-occupier principal and interest and owner-occupier interest-only loans – decrease by 0.17 percentage points
- Standard variable rate investor principal and interest and investor interest-only loans – decrease by 0.25 percentage points
Citi
Effective 24 March, new variable home loan rates reduced by 0.25 percentage points.
Commonwealth Bank
Effective 24 March new and existing variable loans decreased by 0.25 percentage points.
- Owner-occupier principal and interest standard variable rate: 4.55% p.a. (comparison rate 4.70%)
- Investor principal and interest standard variable rate: 5.13% p.a. (comparison rate 5.28%)
- Owner-occupier interest only standard variable rate: 5.04% p.a. (comparison rate 4.88%)
- Investor interest only standard variable rate: 5.39% p.a. (comparison rate 5.37%)
(The rates for package loans could differ to the base rates mentioned above.)
More detail here: Big four banks pass on RBA cut.
Community First Credit Union
Effective 18 March, fixed-rate loans reduced by up to 0.30 percentage points. Effective 30 March, variable loans reduced by up to 0.80 percentage points.
Credit Union SA
Effective 25 March, a reduction of 0.25 percentage points will apply to all existing variable rate home loans (excluding the Owner-Occupied Variable Package Special Offer).
CUA
Effective 24 March, except “CUA Rate Braker” which comes into effect 21 April, all owner-occupier and investor variable rate home loans reduced by 0.25 percentage points.
Defence Bank
Effective 12 March, new and existing variable home loan rates reduced by 0.25 percentage points.
Firstmac
Effective 26 March, existing customers’ home loan rates reduced by 0.25 percentage points.
First Option Bank
Effective 17 March, all owner-occupier and investor variable rate home loans reduced by 0.20 percentage points.
Freedom Lend
Effective 3 March, variable home loan for owner occupiers paying principal and interest – 2.54% (comparison rate 2.54%).
Gateway Bank
Effective 24 March, all variable home loans reduced by 0.25 percentage points for new and existing customers.
Geelong Bank
Effective 30 March, all existing and new home loan interest rates will be reduced by 0.21 percentage points.
Greater Bank
Effective 23 March, all existing variable owner-occupier and investor loan base rates reduced by 0.25 percentage points. For example, the banks’ standard variable (principal and interest) loan will drop from 4.18% to 3.93%.
G&C Mutual Bank
Effective 10 March, residential and investment variable interest home loan rates will decrease by up to 0.25 percentage points.
- Basic Home Loan, Premium Package Premium – Package Only 300k+, Basic Investor Home Loan, First Home Premium Package Variable P&I – decrease by 0.15 percentage points
- Premium Package Standard Variable IO 300k+, Standard Variable IO, Standard Variable P&I, Investment Standard Variable IO, Investment Standard Variable P&I, Premium Package Inv Premium – Package Only 300k+, Premium Package Investment Standard Variable IO 300k+ – decrease by 0.25 percentage points
Heritage Bank
Effective 25 March, all new and existing owner-occupier and investor variable home loan rates reduced by 0.20 percentage points.
Homestar
Effective 1 April for existing customers, variable rate loan – 2.49% (comparison rate 2.52%).
HSBC
Effective 23 March, rates for new and existing variable rate loans will be reduced by 0.25 percentage points, , including its “headline rate” – 2.65% (comparison rate 2.66%).
- Owner-occupied principal and interest variable rate – 4.51% (comparison rate to be advised)
- Owner-occupied interest-only variable rate – 4.51% (comparison rate to be advised)
- Investor principal and interest variable rate – 5.13% (comparison rate to be advised)
- Investor interest-only rate 5.38% (comparison rate to be advised)
Hume Bank
Effective 18 March, all owner-occupier and investment variable rates reduced by 0.20 percentage points. Some of Hume’s fixed rate loans will also by cut by up to 0.25 percentage points, effective 25 March.
Hunter United
Effective 13 March, all owner-occupier and investment variable rates reduced by 0.15 percentage points.
ING
Effective 18 March, decrease of 0.25 percentage points for all new and existing variable home loans.
Loans.com.au
Effective 10 March, new variable Principal & Interest home loan standard variable rates reduced by 0.25 percentage points. For example, its Smart Loan with a maximum LVR of 75% is now 2.53% (comparison rate 2.55%). Effective 26 March, existing customers’ home loan rates reduced by 0.25 percentage points.
Macquarie Bank
Effective 10 March, all new variable and fixed business home loan rates reduced by 0.25 percentage points. Effective 19 March, existing variable home loans will be reduced by 0.25 percentage points.
ME
Effective 26 March, all existing owner-occupier and investor variable rates reduced by 0.25 percentage points. Effective 15 April, Ultracs Interest Only Investment Loan reduced by 0.25 percentage points. Effective 15 June, Standard Home Loans settled before 1 October 1988 reduced by 0.25 percentage points.
Move Bank
Effective 11 March for new customers and 1 April for existing loans, all variable rates reduced by 0.25 percentage points.
MyState Bank
Effective 31 March, new and existing variable home loan rates reduced by 0.25 percentage points. For example, the bank’s Basic Variable Rate Home Loan with a loan to valuation (LVR) ratio of less than 80% – 2.83% (comparison rate to be advised); First Home Loan Deposit Scheme loans – 2.78% (comparison rate to be advised).
Newcastle Permanent
Effective 24 March, all standard variable home loan rates reduced by 0.25 percentage points.
National Australia Bank
Effective 13 March, NAB’s home loan, small business and business overdraft variable rates will be reduced by 0.25 percentage points.
The bank’s statement said that its “Tailored Home Loan” variable rates had changed:
- Owner-occupier principal and interest variable rate: -4.52% (comparison rate 4.65%)
- Investor principal and interest variable rate – 5.12% (comparison rate 5.25%)
- Owner-occupier interest-only variable rate – 5.09% (comparison rate 4.87%)
- Investor interest-only variable rate – 5.42% (comparison rate 5.36%)
More detail here: Big four banks pass on RBA cut.
Northern Inland Credit Union
Effective 17 March, 1-year, 2-year and 3-year introductory home loan fixed rate owner occupied loans reduced by 0.20 percentage points – all currently at 2.99%, to decrease to 2.79%.
Pacific Mortgage Group
Effective March 11, residential and investment variable rates and various fixed rates reduced by up to 0.25 percentage points. For example, the bank’s variable principal and interest loan – 2.54%; residential two-year fixed principal and interest loan – 2.74%.
People’s Choice Credit Union
Effective 17 March, standard variable rates for existing customers reduced by 0.25 percentage points.
QBANK
Effective 27 March, QBANK will reduce interest rates on its variable rate home loans for owner occupiers and investors by 0.18 percentage points.
Qudos Bank
Effective 23 March, all new and existing variable rate loans reduced by 0.25 percentage points.
RACQ
Effective 11 March, all variable rates reduced by 0.17 percentage points (excluding Home Loan Overdraft loans).
RAMS
Effective 17 March, new and existing variable home loan rates reduced by 0.25 percentage points.
Reduce Home Loans
Effective 3 March, Low Rider Variable loan – 2.44% (2.47% comparison rate).
Resimac
Effective 26 March, a reduction of up to 0.25 percentage points for new and existing home loans.
For existing customers, Resimac Prime and Specialist loans will be reduced by 0.25 percentage points. For new loans, or those in the approvals process, the bank states that:
- Resimac Prime Full Doc, reducing by 0.25 percentage points – from 2.81% (comparison rate 3.17%)
- Resimac Prime Alt Doc, reducing by 0.25 percentage points – from 3.97% (comparison rate 4.01%)
- Resimac Specialist Full Doc and Alt Doc Clear <80%LVR – reducing by 10bps
- Resimac Specialist Full Doc and Alt Doc Clear >80%LVR – reducing by 25bps
State Custodians
Effective 26 March, variable rates on “most State Custodian loans” reduced by 0.25 percentage points. Reductions apply to Low Rate Home Loan, Breathe Easy, Peak Performance, Standard Variable and Specialist loans.
St. George Bank
Effective 17 March, new and existing variable loans decreased by 0.25 percentage points.
- Owner occupier principal & interest home loan variable rate – 4.56% (comparison rate 4.73%)
- Owner occupier interest only home loan variable rate – 5.15% (comparison rate 5.32%)
- Residential investment principal & interest home loan variable rate – 5.12% (comparison rate 5.29%)
- Residential investment interest only home loan variable rate – 5.41% (comparison rate 5.58%)
- Line of Credit Loan (Portfolio Loan) – 5.98% (comparison rate to be advised).
- Rate reductions also apply to Basic Loans and grandfathered variable rate products.
- Rates do not include any discounts offered for Advantage Package or LVR.
Suncorp
Effective 20 March, variable home loan rates reduced by 0.25 percentage points for new and existing owner-occupier and investor customers.
The Capricornian
Effective 23 March, reduction of 0.20 percentage points on owner-occupied principal and interest standard variable rate loans – 4.45% (comparison rate to be advised).
The Mac
Effective 23 March, all variable home loans will be reduced by 0.12 percentage points. The Mac’s standard 1, 2 & 3 year fixed loans are also reduced to a rate of 3.25%, while its investment 1, 2 & 3 year fixed loans are down to a rate of 3.55%.
TicToc Home Loans
Effective 6 March for new customers and 27 March for existing customers, variable rates reduced by up to 0.40 percentage points. For example, Investment Variable Interest Only loan cut by 0.40 percentage points to 3%; Live-in Variable Principal and Interest loan cut by 0.25 percentage points to 2.54%.
The Mutual Bank
Effective 16 March, all new and existing variable and fixed loans, for both owner-occupier and investors, will be reduced by 0.25 percentage points, including first home buyer loans.
UBank
Effective 3 April, new and existing variable home loans reduced by 0.25 percentage points. For example, its owner-occupier principal and interest UHomeLoan will be reduced to 2.59% (comparison rate 2.59%).
Virgin Money
Effective 3 April, some loans will be reduced by up to 0.25 percentage points.
- Standard variable rate for owner-occupier principal and interest and owner-occupier interest-only loans – decrease by 0.17 percentage points
- Standard variable rate investor principal and interest and investor interest-only loans – decrease by 0.25 percentage points
Westpac
Effective 17 March, new and existing variable interest rates for home loan customers, and small business cash-based loans and overdrafts, receive a 0.25 percentage point reduction.
- Owner-occupier principal and interest variable home loan: 4.58% (comparison rate 4.72%)
- Residential investment property principal and interest variable loan rate: 5.13% (comparison rate 5.27%)
- Owner-occupier interest-only variable home loan rate: 5.17% (comparison rate 5.31%)
- Residential investment property variable interest-only loan rate: 5.39%. (comparison rate 5.53%)
More to come.
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This article was reviewed by our Sub Editor Tom Letts and Deputy Editor Sean Callery before it was updated, as part of our fact-checking process.
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