Banks respond to consecutive rate cuts

Understand where you bank stands

In June and July 2019 we saw two consecutive rate cuts to take rates to a record low of 1.00%.

In response, we’ve created a handy summary to understand how banks have responded to the cuts. See what percentage has been passed on from some of the major lenders, as well as the combined cut and lowest advertised rate for each of these lenders.

Lender June Cut July Cut June + July Combined Cuts Lowest Advertised Rate
AMP Bank 0.25% 0.20% 0.45% 3.10%
ANZ Bank 0.18% 0.25% 0.43% 3.18%
Bank Australia 0.25% 0.16% 0.41% 2.94%
Bank of Sydney 0.20-0.25% 0.19% 0.39-0.44% 3.11%
Bankwest 0.25% 0.19% 0.44% 3.19%
Bendigo Bank 0.15-0.20% 0.15-0.20% 0.30-0.40% 3.29%
BOQ 0.25% 0.15% 0.40% 2.99%
Citi 0.25% 0.18% 0.43% 3.21%
Commonwealth Bank 0.25% 0.19-0.25% 0.44-0.50% 3.18%
IMB Bank 0.25% 0.18% 0.43% 3.36%
ING 0.25% 0.20% 0.45% 3.14%
Macquarie Bank 0.25% 0.20% 0.45% 3.19%
ME Bank 0.25% 0.15% 0.40% 3.39%
NAB 0.25% 0.19% 0.44% 3.09%
Pepper Money 0.25% 0.20% 0.45% 3.36%
Qudos Bank 0.25% 0.15% 0.40% 3.28%
St George Bank 0.20% 0.20-0.30% 0.40-0.50% 3.09%
Suncorp 0.20% 0.19% 0.39% 3.19%
Teachers Mutual Bank 0.25% 0.20% 0.45% 3.42%
Westpac 0.20% 0.20-0.30% 0.40-0.50% 3.18%
Rates as of 1st August 2019. The rates above are for a selection of the lenders we work with, but does not reflect all available lenders or products. Further, with some lenders there is an ability to negotiate a better rate than advertised. All rates are for Owner Occupied properties with Principal and Interest Payments.

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