Following the Reserve Bank of Australia’s lowering of the official cash rate to a record low of 1 per cent, a number of the non-majors have followed the big four in reducing interest rates for borrowers.
The news comes after Smart Property Investment reported on the first wave of rate changes from the major banks in the hours following the RBA’s cash rate call.
ING came out swinging, announcing a 0.20 percentage point per annum decrease for its variable rate home loan, which will come into effect on 18 July. Following the change, its lowest variable rate will sit at 3.14 per cent.
Homestar Finance has already effected its rate cut, passing on the full 0.25 percentage point change to customers, with its lowest loan rate now 2.99 per cent.
RACQ Bank will bring in a 0.25 percentage point cut on 12 July, making their lowest variable rate 3.19 per cent.
RAMS has passed on a 0.20 percentage point change for customer, effective on 16 July, which will see the organisation’s lowest variable rate drop to 4.01 per cent.
BankSA has also not passed on the full rate cut, offering a 0.20 percentage point drop to its lowest variable rate, which will sit at 3.39 per cent from 16 July.
Bank of Melbourne will drop its lowest variable rate to 3.39 per cent from 16 July, passing on a 0.20 percentage point cut to customers.
St George will effect a 0.20 percentage point cut from 16 July, dropping its lowest variable rate to 3.38 per cent.
Macquarie will pass on a 0.20 percentage point cut to consumers from 18 July, dropping its lowest variable rate to 3.24 per cent.
Suncorp Bank will see all of its rates on offer lowered by up to 0.19 percentage point from 19 July.
ME Bank will pass on a 0.15 percentage point cut to customers from July 23, which will see its lowest variable rate sit at 3.39 per cent.
Loans.com.au will pass on the full 0.25 percentage point cut to customers, making their lowest variable rate 3.03 per cent from 26 July.
Newcastle Permanent will also pass on the full cut, with their lowest variable rate dropping to 3.24 per cent from 29 July.
Greater Bank will see all of its rates on offer lowered by up to 0.25 percentage point from 29 July.
Firstmac has not yet confirmed the date its rate drop will become effective, but has said it will pass on the full 0.25 percentage point cut to customers.