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Below is a list of some of the lenders that have passed along the RBA’s rate target:
NAB: The first to announce interest rate cuts, the bank announced a 0.25 per cent drop to its standard variable home loan interest rate, effective from 30 May.
Following the reduction, NAB said that a borrower with a 30-year mortgage of $550,000 would save $83,000 in interest and pay it off two years earlier.
ANZ: ANZ followed and dropped variable home loan rates in line with the RBA decision, also effective 30 May.
CBA: Once again implementing the full 25-bp drop from 30 May was CBA, with group executive, retail banking services, Angus Sullivan, saying that the cut will save customers with a $500,000 home loan around $80 each month.
CBA also announced it would be reducing business lending products by 25 bps. The rate reduction will apply to CBA Business Bank’s Variable Base Rate, Residential Equity Rate, Overdraft Reference Rate, BetterBusiness Loans, and Business Overdrafts from 30 May.
Westpac: The last of the majors, Westpac announced its intention to cut rates, coming into effect from 3 June.
Meanwhile, Westpac Life total variable rate with bonus interest will decrease by 0.25 per cent p.a. to 4.50 per cent p.a. and Westpac eSaver total variable rate with a five-month introductory rate will decrease by 0.25 per cent p.a. to 4.50 per cent p.a. for new customers applying online, effective 30 May.
Macquarie Bank: The non-major is implementing its cuts from 23 May. The decision to fast track its changes were in the name of passing along savings sooner.
Ben Perham, head of personal banking at Macquarie said: “We know homeowners across Australia are watching rate movements closely and that every dollar counts. That’s why we’re reducing the time it takes for this rate cut to be effective from 10 days to three so our customers can feel the benefit of lower rates, and more money in their pockets at the end of each month, sooner.”
Wave Money: Also quick to implement the full 0.25 per cent cut, the non-bank lender said the economic uncertainty plaguing Aussies will get some relief in the form of lower rates.
“This rate cut is particularly important given the current market volatility we have experienced post the U.S. announcements on 2 April and the resultant economic uncertainty,” said Wave Money’s founder and managing director, John Flavell.
The interest rate changes at Wave Money will come into effect from 16 June for existing customers, while new customers applying for a loan today would benefit from the new rates immediately.
Bluestone: The non-bank will be passing on the full 0.25 per cent to new loans from today, and to eligible existing customers from 11 June.
RedZed: RedZed will lower variable interest rates on its residential, commercial and SMSF loan products by 25 basis points for new customers, from June 5. The changes exclude RedZed’s short-term property solutions loan product and Prime XL loan product.
Pepper Money: The rate change will take effect from 5 June. The interest rate reduction will apply to customers with existing variable interest rate loans including all variable home loans, variable commercial real estate, variable construction and self-managed super fund (SMSF) loans.
Athena Home Loans: Another non-bank to pass along the full 25-bp cut, effective immediately for all variable rate customers.
AMP Bank: From 2 June, AMP Bank will be implementing the full 0.25 per cent drop rates across all variable rate home loans.
