RBA rate cut November 2020: Which banks have cut home loan rates?

There is one major question on the minds of many Australians this November (apart from who will win the US election): ‘Has my lender passed on the cut to my home loan rate?’

To keep you in the loop, and help you 'make your homeloan great again' we’ll be regularly updating this page with all the significant changes from major and minor lenders as they flow in, including the size of any cuts and when they’ll come into effect.

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Now, here's the low down on loans.

Big Four

ANZ

• Cuts of up to 40bp across fixed rates (effective 5 November)

• 5-year Fixed Rate (Breakfree Package) drops to 2.29% (3.42% comparison rate*)

• No cuts to variable rates

ANZ was the last of the big four to announce its response to the RBA cut. The bank will be making cuts of between 20-40 basis points across select fixed rate loans, though its variable rates will remain unchanged.

Commonwealth Bank

• Extensive cuts to fixed rates (effective November 11)

• 4-year Fixed Rate Home Loan (Wealth Package) rate now 1.99% (2.98% comparison rate*)

• No cuts to variable rates

The Commonwealth Bank was the first major bank to respond to the RBA’s November rate cut, announcing further reductions to fixed loan rates including a substantial 100bp cut to a 4-year fixed offer. However, the bank also announced that there would be no cuts to variable rates.

NAB

• Sizeable reductions to fixed home loan rates (effective 10 November)

• 4-year fixed rate with NAB’s Tailored Home Loan (Fixed Choice Package) drops to 1.98% (2.98% comparison rate*)

• No word on variable rate cuts

Just over 24 hours after the RBA’s November rate decision NAB became the third major bank to announce its response, cutting a number of fixed rate products by up to 81 basis points. While it’s 4-year fixed rate offer will drop to a new low, there was no word on variable rates from NAB.

Westpac

• Further cuts to fixed rate loans (effective November 9)

• No mention of cuts to variable rates

• 4-year fixed rate on Fixed Options Home Loan (Premier Advantage Package) will drop to 1.99% (2.75% comparison rate*)

Westpac became the second major to make an announcement after the RBA’s decision, following CBA in making a number of cuts to fixed loan rates including a large reduction to a 4-year fixed offer. In its initial release Westpac made no mention of a cut for variable rate customers though.

Banks

Bank of Melbourne

• Fixed rate cuts between 20-80 basis points (effective November 9)

• 4-year Fixed Home Loan (Advantage Package) to drop to 1.99% (3.26% comparison rate*)

• No cuts to variable rates

While it won’t be making any variable rate cuts, Bank of Melbourne has announced that it will be cutting some of its fixed rate offers by up to 80 basis points as of November 9.

BankSA

• Fixed rate cuts up to 80 basis points (effective November 9)

• 4-year Fixed Home Loan (Advantage Package) rate to drop to 1.99% (3.26% comparison rate*)

• Variable rates to remain unchanged

BankSA announced that it would be reducing the rates on a number of fixed rate home loans for new customers by up to 80 basis points from November 9, but variable rates will remain unchanged.

St.George

• Fixed rate cuts from 20-80 basis points (effective November 9)

• 4-year Fixed Home Loan (Advantage Package) to drop to 1.99% (3.26% comparison rate*)

• No variable rate changes

St.George informed customers that it wouldn’t be making any changes to variable rates following the November RBA cut, but it will be cutting a number of fixed home loan rates from November 9.

Online Lenders

Athena

• 15bp variable rate cut for new and existing customers (effective November 3)

• 2.29% variable rate (2.23% comparison rate*) with the AcceleRATES Variable Home Loan for owner occupiers with an LVR of <80%

Athena has typically been among the first lenders to pass on RBA cuts to its own home loan rates in the past and the online lender wasted no time this time around either, passing on the full 15 basis point cut to new and existing customers.

FreedomLend

• 20bp cut on variable home loans (effective November 3)

• 2.19% variable rate (2.19% comparison rate*) on the Variable Home Loan for owner occupiers with an LVR below 80%

FreedomLend joined its fellow online lenders with a rate day cut of its own - a 20 basis point reduction across a number of variable rate offers for owner occupiers and investors.

homeloans.com.au

• 15bp cut for new and existing variable rate customers

• 2.24% (2.26% comparison rate*) variable rate on the Low Rate Home Loan for owner occupiers with an LVR of 60-80%

homeloans.com.au (a subsidiary of Resimac) announced almost straight away that it would pass on a 15 basis point cut to both new and existing variable rate customers.

Homestar

• 15bp cut for new customers (effective November 3)

• 2.14% (2.17% comparison rate*) variable rate with the Star Essentials Home Loan for owner occupiers with an LVR <80%

Online lender Homestar reacted to the RBA cut immediately by cutting variable rates by 15 basis points for new customers.

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^Based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR.