CommBank, NAB, ANZ & other majors cut home loan rates

Among the movers is the nation's biggest bank, CommBank, its big four peers, NAB and ANZ, and major AMP. 

Subsidiaries of the above brands, such as Bankwest, ubank, and Suncorp, are also making moves on mortgage rates in response to the Reserve Bank of Australia's (RBA's) recent cut.

Macquarie is also expected to join the rate cut action on Friday, dropping its variable rates by the full 25 basis points.

Each of the above-listed banks, and many others, chose to pass the cash rate cut on in full to borrowers.

With Friday marking 10 days since the RBA's move, its the date many lenders have chosen to adjust their variable home loan rates.

Interestingly, we're yet to see any lenders slice more than 25 basis points off of variable rates in a bid to garner attention or bolster market competition.

Though, non-bank lender Athena jumped the gun in a way, choosing to pass the cut on in full immediately after the RBA's announcement.

On the other hand, Virgin Money (owned by Bank of Queensland) and Bank of Queensland's Specialist division decided against passing the cut onto mortgage borrowers.

CommBank, NAB, & ANZ make long-awaited rate cut move

Many home loan borrowers were eagerly awaiting this month's cash rate cut, especially given that the cash rate had previously been held at 4.35% for over a year.

With around eight in 10 mortgage holders borrowing with one of the big four, all eyes were on them following the RBA's announcement.

And we didn't have to wait long – all but one of the big four quickly announced they would pass on the cut in full on 28 February.

Only Westpac deviated, opting to pass on the full 25 basis point cut on Tuesday, 4 March.

Lowest advertised variable home loan rates post-cut

Here's a breakdown of the lowest variable home loan rates offered by CommBank, NAB, and ANZ following today's cuts:

	Max LVR	New rate	Comp rate*
CommBank Digi Home Loan (new-to-bank refinancing only)	60%	5.90%	6.03%
NAB Base Variable Rate Home Loan	95%	6.19%	6.23%
ANZ ANZ Plus Home Loan (refinancing only)	75%	5.84%	5.85%

Each of the above rates are advertised for owner-occupiers making principal and interest repayments.

It's also worth noting that many lenders, including some of the big four, won't automatically lower borrowers' repayments after the rate cut.

To see immediate savings, you may need to request a reduction in your regular mortgage payments to reflect the new interest rate.

AMP slashes variable rates 

Major bank AMP is reducing its advertised rates by 25 basis points on Friday, though existing customers will need to wait until Monday to see savings reflected.

New lowest advertised rates from AMP

	Max LVR	New rate	Comp rate*
AMP Variable Rate Loan (Mortgages of $750,000+)	80%	5.93%	5.96%

Lenders moving variable mortgage rates next week

If your lender hasn't moved on home loan rates yet, there's no need to fret.

Chances are it'll be making the shift in the coming days or weeks.

Lenders still preparing to move include Westpac (as well as its stable, Bank of Melbourne, BankSA, and St George), Bendigo Bank, and HSBC.

Each have promised to pass on the RBA cut in full between 4 March and 10 March.

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Important Information and Comparison Rate Warning

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