On Tuesday 3rd March, the Reserve Bank of Australia announced another reduction to the Australian cash rate of 0.25%. This is the fourth reduction since June 2019 bringing the new cash rate to a record low of 0.50%.

Philip Lowe, Governor of the RBA said “The Board took this decision to support the economy as it responds to the global corona virus outbreak”. The corona virus outbreak overseas is having a significant effect on the Australian economy at present, particularly in the education and travel sectors. The uncertainty that it is creating is also likely to affect domestic spending. As a result, GDP growth in the March quarter is likely to be noticeably weaker than earlier expected. Given the evolving situation, it is difficult to predict how large and long-lasting the effect will be. Once the corona virus is contained, the Australian economy is expected to return to an improving trend.

The Australian cash rate is the benchmark interest rate that financial institutions pay to borrow funds which are then passed onto their customers. The cash rate influences other interest rates in the economy, affecting the behaviour of borrowers and lenders, economic activity and ultimately the rate of inflation.

Below is a list of Lenders that we work with and their variable loan rate reductions for June, July & October 2019 & now March 2020. We will keep this list updated as each Lender responds to the March rate cut.

Lender Applies to Mar-20 Oct-19 Jul-19 Jun-19
RBA Cash Rate Cut 0.25% 0.25% 0.25% 0.25%
Adelaide Bank Standard variable home loans 0.25% 0.15% 0.20% 0.20%
AMP All variable home loans & new three-year fixed home loans 0.25% 0.15% 0.20% 0.25%
ANZ Standard variable home loans 0.25% 0.14% 0.25% 0.18%
Auswide RBA rate tracker loan only 0.25% 0.25% 0.25% 0.25%
Bankwest Standard variable home loans 0.25% 0.13% 0.19% 0.25%
Citibank Standard variable home loans 0.25% 0.15% 0.18% 0.25%
Commonwealth Bank Standard variable home loans 0.25% 0.13% 0.19% 0.25%
Firefighters Mutual tba 0.13% varying 0.25%
Firstmac Standard variable home loans 0.25% 0.15% 0.25% 0.20%
Health Professionals tba 0.13% varying 0.25%
Heritage Bank Standard variable home loans 0.20% 0.15% 0.15% 0.20%
ING Standard variable home loans 0.25% 0.15% 0.20% 0.25%
La Trobe tba pending
Liberty Financial Standard variable home loans 0.25% 0.25% 0.19% 0.25%
Macquarie All variable home loans & new fixed home loans 0.25% 0.15% 0.20% 0.25%
ME Bank All variable home loans & new fixed home loans 0.25% 0.15% 0.15% 0.25%
My State All variable home loans & new fixed home loans 0.25% 0.15% 0.20% 0.20%
NAB Standard variable home loans 0.25% 0.15% 0.19% 0.25%
Newcastle Permanent Standard variable home loans 0.25% 0.13% 0.25% 0.25%
Peoples Choice Standard variable home loans 0.25% 0.14% 0.15% 0.25%
Pepper Money Standard variable home loans 0.20% prime

0.25% specialist

 0.24% 0.20% 0.25%
Plan Lending  Standard variable home loans 0.25% 0.15% 0.19% 0.25%
Rams Standard variable home loans 0.25% 0.15% 0.20% 0.20%
Resimac Standard variable home loans 0.25% 0.15% 0.25% varying
St George Standard variable home loans 0.25% 0.15% 0.20% 0.20%
Suncorp Standard variable home loans 0.25% 0.15% 0.19% 0.20%
Teachers Mutual tba 0.13% varying 0.25%
Uni Bank tba 0.13% varying 0.25%
Virgin Money Standard variable home loans 0.17% OO 0.25% inv 0.15% 0.15% 0.22%
Westpac Standard variable home loans 0.25% 0.15% 0.20% 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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