Borrow
What lenders will pass on the RBA’s rate cut?
Following the Reserve Bank of Australia’s lowering of the official cash rate to record-low levels, a number of the non-majors have followed the big four in reducing interest rates for borrowers.
What lenders will pass on the RBA’s rate cut?
Following the Reserve Bank of Australia’s lowering of the official cash rate to record-low levels, a number of the non-majors have followed the big four in reducing interest rates for borrowers.
The news comes after Nest Egg reported on the first wave of rate changes as announced by the big four and several non-major lenders.
ING came out swinging, announcing a 0.20 per cent per annum decrease for its variable rate home loan, which will come into effect on 18 July. Following the change, its lowest variable rate will sit at 3.14 per cent.
Homestar Finance has already effected its rate cut, passing on the full 0.25 per cent change to customers, with its lowest loan rate now 2.99 per cent.
RACQ Bank will bring in a 0.25 per cent cut on 12 July, making their lowest variable rate 3.19 per cent.
RAMS has passed on a 0.20 per cent rate change for customer, effective on 16 July, which will see the organisation’s lowest variable rate drop to 4.01 per cent.
BankSA has also not passed on the fall rate cut, offering a 0.20 per cent drop to its lowest variable rate, which will sit at 3.39 per cent from 16 July.
Bank of Melbourne will drop its lowest variable rate to 3.39 per cent from 16 July, passing on 0.20 per cent to customers.
St George will effect a 0.20 per cent rate cut from 16 July, dropping its lowest variable rate to 3.38 per cent.
Macquarie will pass on a 0.20 per cent rate cut to consumers from 18 July, dropping its lowest variable rate to 3.24 per cent.
Suncorp Bank will see all of its rates on offer lowered by up to 0.19 per cent from 19 July.
ME Bank will pass on a 0.15 per cent cut to customers from July 23, which will see its lowest variable rate sit at 3.39 per cent.
Loans.com.au will pass on the full 0.25 per cent rate cute to customers, making their lowest variable rate 3.03 per cent from 26 July.
Newcastle Permanent will also pass on the full cut, with their lowest variable rate dropping to 3.24 per cent from 29 July.
Greater Bank will see all of its rates on offer lowered by up to 0.25 per cent from 29 July.
Firstmac has not yet confirmed the date its rate drop will become effective, but has said it will pass on the full 0.25 per cent cut to customers.
This email address is being protected from spambots. You need JavaScript enabled to view it.
About the author
About the author
Payday loans
Square shareholders approve Afterpay buyout
Shareholders of the US payments platform founded by Twitter’s Jack Dorsey have approved the issuance of new shares for the purchase of Afterpay for $39 billion. ...Read more
Payday loans
Alternatives to payday loans
Need money fast? Before you fill up that payday loan application form, it’s best to know what other options are available to you. ...Read more
Payday loans
Will payday loans affect my credit rating?
Are you planning to apply for a payday loan but worried it might have an impact on your credit rating? ...Read more
Payday loans
Are payday loans dangerous?
Payday or small amount loans may seem like an easy and convenient solution if you need to quickly pay off your bills or debts. But how much is this “quick-fix” loan really costing you? ...Read more
Payday loans
What to consider when evaluating a payday loan?
Payday loans are easy-to-access short-term loans that even people with bad credit scores may get approved for – but this convenience comes at a high cost. ...Read more
Payday loans
What is a payday loan?
You may easily access a payday loan if you’re strapped for cash until your next pay, but don’t apply for one until you understand the product better. Here’s what you need to know about payday lo...Read more
Payday loans
Predatory lending pervasive on social media
Vulnerable Australians who might be looking for a small loan to tide them over until their next pay packet are now being targeted by payday lenders through digital platforms, it’s been revealed. ...Read more
Payday loans
The lenders that cut their rates this week
The Reserve Bank has announced that it is lowering the official cash rate in Australia to a new historic low, and some of the major lenders have followed suit with reducing rates for mortgage customer...Read more
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
Payday loans
Square shareholders approve Afterpay buyout
Shareholders of the US payments platform founded by Twitter’s Jack Dorsey have approved the issuance of new shares for the purchase of Afterpay for $39 billion. ...Read more
Payday loans
Alternatives to payday loans
Need money fast? Before you fill up that payday loan application form, it’s best to know what other options are available to you. ...Read more
Payday loans
Will payday loans affect my credit rating?
Are you planning to apply for a payday loan but worried it might have an impact on your credit rating? ...Read more
Payday loans
Are payday loans dangerous?
Payday or small amount loans may seem like an easy and convenient solution if you need to quickly pay off your bills or debts. But how much is this “quick-fix” loan really costing you? ...Read more
Payday loans
What to consider when evaluating a payday loan?
Payday loans are easy-to-access short-term loans that even people with bad credit scores may get approved for – but this convenience comes at a high cost. ...Read more
Payday loans
What is a payday loan?
You may easily access a payday loan if you’re strapped for cash until your next pay, but don’t apply for one until you understand the product better. Here’s what you need to know about payday lo...Read more
Payday loans
Predatory lending pervasive on social media
Vulnerable Australians who might be looking for a small loan to tide them over until their next pay packet are now being targeted by payday lenders through digital platforms, it’s been revealed. ...Read more
Payday loans
The lenders that cut their rates this week
The Reserve Bank has announced that it is lowering the official cash rate in Australia to a new historic low, and some of the major lenders have followed suit with reducing rates for mortgage customer...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
