If you’re the proud owner of a home loan, you’re in luck because the Reserve Bank Board have cut the cash rate three times in 2019. With the cash rate at an all-time low of 0.75%, you have to wonder, how low can home loan interest rates go?

Here is a list of the variable rate cuts that have been announced for owner occupiers with principal & interest repayments.


Lender Rate Change Effective Date
ANZ -0.14% p.a. 11 October 2019
Athena -0.25% p.a. 1 October 2019
Bank of Melbourne -0.15% p.a. 16 October 2019
BankSA -0.15% p.a. 16 October 2019
Bankwest -0.13% p.a. 16 October 2019
Commonwealth Bank -0.13% p.a. 22 October 2019
ME -0.15% p.a. 24 October 2019
NAB -0.15% p.a. 11 October 2019
RAMS -0.15% p.a. 16 October 2019
St.George -0.15% p.a. 16 October 2019
Suncorp Bank -0.15% p.a. 18 October 2019
UBank -0.25% p.a. 29 October 2019
Westpac -0.15% p.a. 16 October 2019


Another rate cut is great news for borrowers! If you have a $400,000 home loan with an interest rate of 3.50% p.a. over a 30-year term and your lender decides to pass on the full rate cut, your new rate will be 3.25% p.a. Your repayments would decrease from $1,796.18 to $1,740.83. That’s a difference of $55.35 a month or $664.24 a year. You could use those extra savings to help pay down your mortgage!

If your lender has decided not to pass on the full rate cut to you or your interest rate or home loan is no longer competitive, it might be a good time to refinance with a new lender.


Check out the Credit Savvy home loan comparison service to see what home loan deals are out there today!

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If you’re not sure where to start, speak to an expert and request a free appointment with an Aussie Mortgage Broker.