Some banks passed on expected interest rate cuts quickly, but others are yet to move.
The big four banks were quick to act following the RBA’s first rate cut in more than four years, but what about the borrowers not with the big four?
A new analysis by Finder has found many Australian lenders have yet to announce plans to drop their rates.
The 25-basis-point reduction to the official cash rate announced on 18 February, brought it down to 4.10 per cent from 4.35 per cent.
It was the first rate cut since 2020 and follows 13 consecutive hikes that pushed rates to their highest level since 2011.
MORE: ZERO return: Warning for savers after rate cut
Commonwealth Bank, ANZ, NAB and Westpac quickly announced they would implement the full 25-point reduction.
FULL LIST: Scroll down for every bank who has and hasn’t passed on cuts
Collectively, the big four hold $1.546 trillion in owner-occupied mortgages – or nearly 72 per cent of the market – according to Finder’s analysis of Australian Prudential Regulation Authority (APRA) data.
Australian mortgage holders could save $103 a month if the rate cut is passed on in full by their lender, based on the average home loan of $641,416.
Graham Cooke, head of consumer research at Finder, said Aussie homeowners have a right to be upset if their lender isn’t announcing a cut.
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Borrowers will get more buying power with a rate cut. Picture: Tim Hunter.
“Every extra day without a cut leaves many Aussie homeowners with tighter budgets,” he said.
“If your bank isn’t looking out for you when all eyes are on an RBA cut, when will it?”
Cooke said refinancing is the best way to save on your mortgage costs.
“Social media was full of Aussies celebrating their bank announcing a 25-point cut on Tuesday – and it was refreshing to see some lenders announce they will be passing on the full rate cut,” he said.
MORE: Rate cut: Winners and surprise losers
“The reality is you can likely save more than a couple rate cuts by switching to a better deal.
“A reduction of even half a per cent can be the difference of thousands of dollars a year.
“Shop around to find a variable home loan that offers a lower interest rate than your current provider. The very lowest rates now have a ‘5’ in front of them.”
Banks who have passed on the cut so far
NAB- New lowest rate 6.19%- Effective 28 February
CommBank- 5.90%- 28 February
ANZ- 5.84%- 28 February
Westpac- 6.19%- 4 March
Adelaide Bank- 5.99%- 7 March
AMP- 5.89%- 28 February
Arab Bank Australia- 5.50%- 4 March
Athena-5.99%- 18 February
Aussie Home Loans- 5.88%- 7 March
Auswide Bank-5.74%- 28 February
Australian Military Bank- 6.18%- 4 March
Australian Mutual Bank- 5.44%- 1 March
Australian Unity- 5.69%- 6 March
Bank Australia- 5.13% (Clean Energy Home Loan only)- 4 March
Bank First- 5.84%- 27 February
Bank of Melbourne- 6.04%- 4 March
Bank of Sydney-5.79%- 12 March
Bank of Queensland- 5.93%- 7 March
Bank of us- 5.89%- 12 March
Bank Orange- 5.69%- 6 March
BankSA- 6.04%- 4 March
BankVic- 5.74%- 4 March
Bankwest- 6.04%- 28 February
Bendigo Bank- 5.84%- 7 March
Beyond Bank- 5.89%- 4 March
BCU- 5.74%- 5 March
Bluestone- 6.79%- 5 March
Border Bank- 5.88%- 28 February
Credit Union SA-5.79%- 5 March
Defence Bank- 6.34%- 27 February
Firefighters Mutual Bank- 5.74%- 28 February
Firstmac- 5.89%- 4 March
Gateway Bank- 5.60%- 25 February
GMCU- 5.94%- 1 March
Great Southern Bank- 5.89%- 4 March
Greater Bank- 5.74%- 7 March
G&C Mutual Bank- 5.70%- 1 March
Heritage Bank- 5.74%- 4 March
Homeloans.com.au- 6.14%- 5 March
Homestar- 5.74%- 4 March
HSBC- 5.74%- 10 March
Hume Bank- 5.74%- 3 March
IMB- 5.79%- 4 March
ING- 5.89%- 4 March
Liberty Financial- 6.49%- 7 March
loans.com.au- 5.74%- 4 March
Macquarie Bank- 5.89%- 28 February
ME Bank- 5.88%- 8 March
MOVE Bank- 5.69%- 1 March
MyState Bank- 5.79%- 4 March
Newcastle Permanent- 5.74%- 7 March
People’s Choice- 5.64%- 4 March
Pepper Money- 6.59%- 5 March
P&N Bank- 5.88%- 5 March
Police Bank- 5.59%- 28 February
Qantas Money- 5.88%- 7 March
QBank- 5.74%- 11 March
Qudos Bank- 5.64%- 27 February
Queensland Country Bank- 5.89%- 11 March
RACQ Bank- 5.64% – 4 March
Resi- 5.89%- 28 February
Resimac- 6.14%- 5 March
Southern Cross Credit Union- 6.23%- 3 March
St. George- 6.04%- 4 March
Sucasa- 6.05%- 28 February
Suncorp- 5.57%- 28 February
Teachers Mutual Bank- 5.74%- 28 February
The Mutual- 5.64%- 4 March
Tiimely- 5.74%- 7 March
Transport Mutual- 6.69%- 21 February
Ubank- 5.84%- 27 February
Unibank- 5.74%- 28 February
Unity Bank- 5.74%- 28 February
Unloan- 5.74%- 21 February
Up Bank- 5.75%- 1 March
Well Money- 5.81%- 7 March
Yard Home Loans- 5.89%- 7 March
Yellow Brick Road- 6.64%- 28 February
Banks who have not yet passed on cuts
Bank of China
BankWAW
Broken Hill Bank
Cairns Bank
Central Murray Credit Union
Community First Bank
Dnister
Easy Street
Family First Credit Union
Fire Service Credit Union
FreedomLend
First Option Bank
Geelong Bank
Household Capital
Illawarra Credit Union
La Trobe
Laboratories Credit Union
MacArthur Credit Union
Mortgage House
NICU
Pacific Mortgage Group
Police Credit Union
Reduce
The Capricornian
Virgin Money
Warwick Credit Union
Woolworths Team Bank
