Surge in mortgage searches as lenders cut rates

As of publishing, 21 lenders have cut their rates after the decision, and there is a possibility that lenders could cut their rates further throughout the rest of the month.

Lenders also tried to anticipate the rate cut, with Finder data showing 49 lenders cutting rates on 778 different products during May.

According to Graham Cooke, insights manager at Finder, this boost in traffic shows that Australians are becoming more financially literate.

“It’s great to see Aussies being proactive and looking for better value,” Mr Cooke said.

“This historically low rate will open lots of eyes to just how good the current offers are – and that’s the case for variable and fixed rates, alike.

“Generally speaking, for those with an average home loan size of just less than $400,000, a 25 basis point drop could save you $60 a month or more. That’s more than $21,000 over thirty years.”

For those looking to refinance, Mr Cooke said now is a good time to do so, especially if an investor is sitting on a high rate.

“We know the RBA cut the rate in part to help stabilise falling property prices, but many experts are predicting another cut this year, if not two,” he said.

“Rates have never been this low. If your current home loan has a ‘4’ or a ‘5’ in front of it, you could be getting a much better deal.”

The lenders who have announced a cut to their rates following the RBA’s decision, according to Finder, are:

Bank	New standard variable rate	New lowest variable rate	Cut
CBA	5.12%	3.54%	25 basis points
NAB	5.11%	3.54%	25 basis points
Newcastle Permanent	5.10%	3.47%	25 basis points
Bank of Queensland		3.44%	25 basis points
Greater Bank		3.57%	25 basis points
Macquarie Bank		3.34%	25 basis points
RACQ		3.44%	25 basis points
ING		3.34%	25 basis points
Athena Home Loans		3.34%	25 basis points
Homestar		3.24%	25 basis points
Reduce Home Loans		3.19%	25 basis points
Virgin Money	4.84%	3.47%	22 basis points
Westpac	5.18%	3.78%	20 basis points
St.George	5.16%	3.63%	20 basis points
BankSA	5.15%	3.59%	20 basis points
Bank of Melbourne	5.14%	3.59%	20 basis points
Suncorp	4.52%	3.59%	20 basis points
RAMS	5.21%	3.21%	20 basis points
Credit Union SA		3.59%	20 basis points
ANZ	5.18%	3.63%	18 basis points
Community First Credit Union		3.59%	18 basis points You need to be a member to post comments. Become a member for free today! Comments powered by CComment Related articles Author Sasha Karen Know more More from this writer: Where to find winners in the WA market How rents have performed for investors so far this year How to save money with a new repayment strategy Popular capital cities on the rise as market softens over June Cash rate call for July 2019 revealed New property sales rebound over May How far can a $500,000 budget get you in Sydney?