Following the RBA’s rate cut 19 March 2020, here’s a summary of the lending cuts announced so far.
Please note that as of 8pm, 23 March 2020, many lenders are yet to advise what effect this second rate cut will have on lending rates. We’ll be updating this post as more news come to hand.
CBA:
- No change to variable rates
- One, two, and three year fixed rates to fall by 70 basis points
- Borrowers will be able to defer their repayments for up to six months should they need to
Westpac (effective 27 March):
- No change to variable rates
- One, two, and three year fixed rates to fall
- Repayment relief for home loan borrowers. Borrowers who have lost their job or suffered loss of income as a result of COVID-19 should contact their lender for three months deferral on home loan mortgage repayments with extension for a further three months available after review.
NAB (effective 25 March):
- No change to variable rates
- Up to 60 basis point reduction on fixed rates
- Request to pause home loan repayments for up to six months, with a three-month checkpoint
ANZ (effective from 27 March):
- 0.15 reduction to variable home loan rates
- Up to 49 basis point reduction on some fixed rate loans
- Request deferral of home loan repayments for up to six-months, with a review at 3 months.
St George (effective 27 March):
- No change to variable rates
- One, two, and three year fixed rate loans for OO borrowers on P&I repayments to fall
- Repayment relief for home loan borrowers. Borrowers who have lost their job or suffered loss of income as a result of COVID-19 should contact their lender for three months deferral on home loan mortgage repayments with extension for a further three months available after review.
BankSA (effective 27 March)
- No change to variable rates
- One, two, and three year fixed rate loans for OO borrowers on P&I repayments to fall
- Repayment relief for home loan borrowers. Borrowers who have lost their job or suffered loss of income as a result of COVID-19 should contact their lender for three months deferral on home loan mortgage repayments with extension for a further three months available after review.
Bank of Melbourne (effective 27 March)
- No change to variable rates
- One, two, and three year fixed rate loans for OO borrowers on P&I repayments to fall
- Repayment relief for home loan borrowers. Borrowers who have lost their job or suffered loss of income as a result of COVID-19 should contact their lender for three months deferral on home loan mortgage repayments with extension for a further three months available after review.
Macquarie
- No change to variable rates
- Repayment relief for home loan borrowers. All borrowers who are experiencing financial difficulty can immediately defer their repayments for six months.
ME (effective 26 March)
- No reduction to variable rates
- Offering suspension on borrower’s home loan repayments for 3 months with an option to extend for a further 3 months following a review
- One, two, and three year fixed rate loans for OO borrowers on P&I repayments to fall by 0.69 to 1.34
BankWest (effective 27 March)
- No change to variable rates
- Three year fixed rate loans for OO borrowers on P&I repayments to fall by 0.60
- Deferring loan repayments on home loans held by small business customers for six months for customers in need of support
Suncorp
- Suncorp will be deferring loan repayments on a case-by-case basis for affected borrowers.
ING – yet to outline specific measures
AMP – yet to outline specific measures
