Which Banks are passing on the new rate cut?

Bank interest rate movements for June 2019

Finally, after nearly 3 years of waiting, the cash rate has finally moved! On the 4^th of June 2019 the RBA announced a reduction of 25 basis points (0.25%) from 1.50% to 1.25%.

Now Australia’s homeowners and buyers are closely watching the banks to see who will pass on the rate cuts. Below is our list of banks that have announced their rate movements along with their effective dates.

If these new rates interest you and you’re thinking of buying a home or refinancing for a sharper rate contact one of our expert brokers to find out more and start saving!

*All rate cuts are for standard variable residential property loans only.

Adelaide Bank Rate cut: 0.15%, 0.20% Effective date: 28 June 2019 Applies to: All P&I home loan rates (0.20%) All IO home loan rates (0.15%)
AMP Rate cut: 0.25% Effective date: New customers 21 June 2019, Existing customers 24 June 2019 Applies to: All home loan rates
ANZ Bank Rate cut: 0.18% Effective date: 14 June 2019 Applies to: All home loan rates
Auswide Bank Rate cut: 0.25% Effective date: 2 July 2019 Applies to: P&I home loan rates
Bank Australia Rate cut: 0.25% Effective date: 24 June 2019 Applies to: All home loan rates
Bank of Melbourne Rate cut: 0.35%, 0.20% Effective date: 18 June 2019 Applies to: IO Investment home loan rates (0.35%) All other home loan rates (0.20%)
Bank of Sydney Rate cut: 0.20%, 0.25% Effective date: 25 June 2019 Applies to: Investment home loan rates (0.20%) All other home loan rates (0.25%)
BankSA Rate cut: 0.35%, 0.20% Effective date: 18 June 2019 Applies to: IO Investment home loan rates (0.35%) All other home loan rates (0.20%)
Bankwest Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates
BOQ Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates Exception: Clear Path Owners Occupied P&I home loan (0.15%)
Citi Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates
Commonwealth Bank Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates
Heritage Bank Rate cut: 0.20% Effective date: 21 June 2019 Applies to: All home loan rates
ING Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates
Macquarie Bank Rate cut: 0.25% Effective date: 21 June 2019 Applies to: All home loan rates
ME Bank Rate cut: 0.25% Effective date: 27 June 2019 Applies to: All home loan rates for new customers
NAB Rate cut: 0.25% Effective date: 14 June 2019 Applies to: All home loan rates
Pepper Money Rate cut: 0.25% Effective date: 24 June 2019 Applies to: All home loan rates
Qudos Bank Rate cut: 0.25% Effective date: 25 June 2019 Applies to: All home loan rates for existing customers
St. George Bank Rate cut: 0.35%, 0.20% Effective date: 18 June 2019 Applies to: IO Investment home loan rates (0.35%) All other home loan rates (0.20%)
Suncorp Rate cut: 0.20% Effective date: 21 June 2019 Applies to: All home loan rates
Westpac Rate cut: 0.35%, 0.20% Effective date: 18 June 2019 Applies to: IO Investment home loan rates (0.35%) All other home loan rates (0.20%)