For the second month in a row the Reserve Bank of Australia have reduced the cash rate to a new record low of 1%. That’s a 0.25% drop from last month. Australia now has the sixth lowest interest rate worldwide.

Prior to the June rate reduction of 0.25%, the cash rate had remained at 1.5% since August 2016. Today’s decision is, for the second month in a row, great news for home owners and the property market. If Lenders pass on the rate cuts, lower interest rates mean lower home loan repayments for borrowers with a variable loan and could result in a boost for the property market. In June, house prices in both Sydney and Melbourne posted their first monthly gains since 2017, a great sign that Australia’s biggest housing downturn on record could be coming to an end.

Last month many Lenders passed on the full rate reduction of 0.25% to their variable rate home loan customers, with others being highly criticised for only passing on a portion of the reduction.

Below is a list of Lenders we work & their rate reductions for both June and July, we will keep this list updated as each Lender advises how are they going to respond to this second rate cut.

Lender Jun-19 Jul-19
Adelaide Bank partial rate reduction 0.20% partial rate reduction 0.20%
AMP full rate reduction of 0.25% partial rate reduction of 0.20%
ANZ partial rate reduction of 0.18% full rate reduction of 0.25%
Australian First Mortgage
Auswide full rate reduction of 0.25% full rate reduction of 0.25%
Bankwest full rate reduction of 0.25% partial rate reduction of 0.19%
Bluestone
Citibank full rate reduction of 0.25% partial rate reduction 0.18%
Commonwealth Bank of Australia full rate reduction of 0.25% partial rate reduction of 0.19%
Firefighters Mutual
Firstmac partial rate reduction 0.20%  full rate reduction of 0.25%
Health Professionals
Heritage Bank partial rate reduction 0.20%  partial rate reduction of 0.15%
ING full rate reduction of 0.25% partial rate reduction of 0.20%
La Trobe
Liberty Financial full rate reduction of 0.25% partial rate reduction of 0.19%
Macquarie full rate reduction of 0.25% partial rate reduction of 0.20%
ME Bank full rate reduction of 0.25% partial rate reduction of 0.15%
My State partial rate reduction 0.20% partial rate reduction of 0.20%
NAB full rate reduction of 0.25% partial rate reduction of 0.19%
Newcastle Permanent full rate reduction of 0.25% full rate reduction of 0.25%
Peoples Choice full rate reduction of 0.25% partial rate reduction of 0.15%
Pepper Money full rate reduction of 0.25%
Plan Lending full rate reduction of 0.25% partial rate reduction of 0.19%
Rams partial rate reduction of 0.20% partial rate reduction of 0.20%
Resimac varying partial rate reduction across different loans full rate reduction of 0.25%
St George partial rate reduction of 0.20% partial rate reduction of 0.20%
Suncorp partial rate reduction of 0.20% partial rate reduction of 0.19%
Teachers Mutual full rate reduction of 0.25%
Uni Bank full rate reduction of 0.25%
Victorian Mortgage Group
Virgin Money partial rate reduction of 0.22%  partial rate reduction of 0.15%
Westpac partial rate reduction of 0.20% partial rate reduction of 0.20%

Now is the time to get in touch with an Assured Lending Mortgage Broker to see how your home loan rate compares to others on the market. It won’t cost you anything to get a home loan comparison but it could save you thousands. Our service is completely cost and obligation free so give us call today for more information on the right home loan for you.

Contact an Assured Lending Mortgage Broker for more information today

 

 

 

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