Results released by RateCity show that a total of 30 lenders have cut new customer rates this month ahead of Tuesday’s RBA meeting, but only for new customers or those willing to refinance.

Rate City research director Sally Tindall said there was increasing pressure on the banks to do the right thing, particularly as many lenders failed to pass on the last RBA cut to their variable customers.

“Governor [Philip] Lowe believes a rate cut now will help reduce the number of problem loans, but this will only work if the banks pass it on,” she said.

“Record-low rates have been a shot in the arm for the tens of thousands of mortgage-holders who have been able to refinance their loan during COVID.”

However, Mr Tindall pointed out that those who are “desperate” for a rate cut might not benefit if the RBA reduces the rate.

“At the same time, there are hundreds of thousands of Australians who haven’t been so lucky, forced to put their mortgages on hold as they struggle to stay afloat. These are the people who need a rate cut, now more than ever.

“Many people who have had to defer their mortgage or switch to interest-only repayments aren’t being offered the best rates from their lender,” Ms Tindall said.

“Banks should do the right thing by these customers by passing any RBA cut on to them as quickly as possible,” she said.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

Loans

Syndicated loans offer Australian investors diversification and dependable income

In an investment landscape where high income and stability often seem mutually exclusive, syndicated loans are emerging as a compelling alternative for Australian investors. According to Richard Quin, ...Read more

Loans

NSW government partners with Brighte to offer zero-interest loans for home energy upgrades

In a significant move to boost energy efficiency and reduce carbon footprints across New South Wales, the state government has partnered with Brighte to roll out an ambitious Home Energy Saver loan ...Read more

Loans

From anxiety to action: A lender’s playbook for Australia’s cash‑flow crunch

Household cash flow is under strain, and it’s beginning to show up in arrears risk, policy cancellations, and a sharper focus on affordability. Australia’s quarterly growth has undershot expectations, ...Read more

Loans

First-home buyer grants are blowing up prices and risk while savvy investors make their move

A new white paper argues first‑home buyer incentives are being capitalised into higher prices and larger loans—echoing long‑running warnings from the Reserve Bank and market economistsRead more

Loans

Low-deposit loans signal a high-value gap: how brokers and non-banks can turn constraint into competitive edge

An emerging wave of low-deposit approvals from non-bank players points to a structural gap in Australia’s mortgage market: strong borrowers blocked by savings friction, not serviceabilityRead more

Loans

The low‑deposit mortgage opportunity: A broker‑led growth case for Australia

Fresh loan performance data from non‑bank challenger Skip has surfaced a quiet truth: low‑deposit borrowers are materially underserved — and that’s a commercial opportunity hiding in plain sight for ...Read more

Loans

First-home buyers shrug off rate rises: A lender–developer playbook to capture resilient demand

Against conventional wisdom, Australia’s first-home buyers are proving rate-resilient. Government guarantees, tight rental markets and shifting lender tactics are fuelling a surge in activity even as ...Read more

Loans

Investor refinancing hits record highs: inside Australia’s race for mobile mortgage capital

Refinancing by property investors has surged to record levels in Australia as borrowers chase sharper rates and lenders fight to defend margins. Average loan sizes have pushed to new highs even as ...Read more