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How have the lenders responded to the RBA October 19 cash rate cut?

Following the RBA’s cash rate cut for October, here’s a summary of the lending cuts announced as at 5:30pm AEST 3 October, 2019.

 

CBA rate changes (effective 22 October) :

– Rates on Owner Occupier variable loans (both Principal and Interest and IO repayments) will drop by 0.13.
– Rates on Investment variable loans (Principal and Interest repayments) will drop by 0.13.
– Rates on Investment variable loans with IO repayments will drop by 0.25.

BankWest rate changes (effective 16 October) :
– Rates on Owner Occupier variable loans (both Principal & Interest and IO repayments) will drop by 0.13.
– Rates on Investment variable loans (Principal & Interest repayments) will drop by 0.13.
– Rates on Investment variable loans with IO repayments will drop by 0.25.

NAB rate changes (effective 11 October):
– Rates on Owner Occupier variable loans (both Principal & Interest and IO repayments) will drop by 0.15.
– Rates on Investment variable loans (Principal & Interest repayments) will drop by 0.15.
– Rates on Investment variable loans with IO repayments will drop by 0.30.

ANZ rate changes (effective 11 October):
– Rates on Owner Occupier variable loans (both Principal & Interest and IO repayments) will drop by 0.14.
– Rates on Investment variable loans (Principal & Interest repayments) will drop by 0.14.
– Rates on Investment variable loans with IO repayments will drop by 0.25.

WPAC rate changes (effective 16 October):
– Rates on Owner Occupier and Investment variable loans (both Principal & Interest and IO repayments) will drop by 0.15.

St George rate changes (effective 16 October):
– Rates on Owner Occupier and Investment variable loans (both Principal & Interest and IO repayments) will drop by 0.15.

Macquarie rate changes (effective 17 October):
– Rates on Owner Occupier variable loans (Principal & Interest) will drop by 0.15.
– Rates on Investment variable loans (Principal & Interest repayments) will drop by 0.15.

Suncorp rate changes (effective 18 October):
– Rates on variable home loan rates will drop by 0.15.

ME Bank rate changes (effective 24 October):
– Rates on variable home loan rates will drop by 0.15.

 

We’re still waiting for other lenders to announce decisions regarding any rate changes.

We’ll update this post as more information comes to hand.

 

Please bear in mind there are many factors that need to considered when selecting the most suitable home loan – the interest rate is just one of those factors.

Also something to keep in mind is that many lenders offer discretionary pricing (i.e. additional pricing discount on top of their advertised rates), which we outline here.

 

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