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The lenders that cut their rates this week

By Cameron Micallef · July 03 2019
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NAB CBA Westpac ANZ
The lenders that cut their rates this week

The lenders that cut their rates this week

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By Cameron Micallef · July 03 2019
Reading:
egg
NAB CBA Westpac ANZ

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 customers.

After yesterday’s announcement, the following authorised deposit-taking institutions (ADIs) have passed on savings to consumers.

The big four

ANZ – ANZ was the first of the big four banks to announce they will decrease their variable interest home loan rates in Australia by 0.25 percentage point effective from Friday, 12 July 2019.

Westpac – Westpac has announced that it will reduce the variable interest rates for home loans by 0.20 percentage point.

Commonwealth Bank – CBA has announced a reduction in its variable rates by 0.19 percentage point from 23 July.

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National Australia Bank – NAB will reduce the variable rates by 0.19 percentage point effective from 12 July. 

Non-major lenders

Athena – Athena has announced that it will pass on the full 0.25 percentage point on their variable interest home loan rate effective from 2 July 2019.

Resimac – Resimac has announced that it will pass on the full 0.25 percentage point on their variable interest home loan rate effective from 24 July 2019.

State Custodians – State Custodians has announced that it will pass on the full 0.25 percentage point on their variable interest home loan rate effective from 24 July 2019.

Reduce – Reduce has passed on a 0.22 percentage point reduction in their variable home loan rate. They are now at 3.09 per cent effective from 2 July 2019.

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