Today's mortgage & refinance rates: CommBank, NAB, & ANZ slash home loan rates

The RBA cut the cash rate by 25 basis points on 20 May and so far no lender has refused to pass the savings onto customers. 

While CommBank, NAB, and ANZ slashed variable rate home loan products this week, smaller lenders have also responded, offering variable rates as low as 5.34% p.a.

See also: When will Westpac pass the RBA rate cut onto home loan holders?

So, what can homebuyers, refinancers, and investors expect when perusing the market?

Here’s what’s now on the table among Aussie home loan lenders:

CommBank cuts: Homebuyers & refinancers score rates from 5.59%

Australia's largest bank is back, baby! Not that it ever left.

The monolith dropped home loan rates on Friday – 10 days after the RBA cut the cash rate.

Interest rates for homebuyers and refinancers turning to CommBank now start at 5.59% p.a. (5.72% p.a. comparison rate*) on its Digi Home Loan product.

Another standout in the bank's line up is its new fixed rates, starting at 5.49% p.a. for eligible owner-occupiers fixing for three years (7.34% p.a. comparison rate*).

Variable rates on Commbank's Simple Home Loan for new borrowers, including a discount margin offer, are now as follows:

Borrower	LVR	Change	New rate	Comp rate*
Owner-occupier	<60%	-25bp	5.84%	6.09%
	60–70%	-25bp	5.89%	6.14%
	70–80%	-25bp	5.99%	6.24%
	80–90%	-25bp	6.29%	6.54%
	>90%	-25bp	7.24%	7.48%
Investor	<60%	-25bp	6.04%	6.29%
	60–70%	-25bp	6.09%	6.34%
	70–80%	-25bp	6.19%	6.44%
	80–90%	-25bp	6.54%	6.79%
	90–95%	-25bp	7.34%	7.58%

The big bank's subsidiary Bankwest also dashed home loan rates today. It now offers variable rates from 5.69% p.a. (5.72% p.a. comparison rate*).

CommBank revealed its intent to pass on the RBA cut shortly after it was announced on 20 May.

Like three of the big four banks – Westpac being the exception – CommBank home loan holders eligible for Friday's rate cut will need to request the bank to reduce their repayments.

If they don't, they'll still realise the benefit of a lower interest rate, but the savings realised will be translated into extra repayments and could help them repay their loan faster.

NAB drops variable home loan rates: Now from 5.94%

Joining its big four peer – or perhaps inspiring it – is NAB.

The major bank has passed every RBA rate change 10 days after it was announced since 2017, making its decision to cut on Friday no shock.

NAB's new lowest variable rate comes in at 5.94% p.a. (5.98% p.a. comparison rate*) – down from 6.19% p.a. – available on its Base Variable Rate home loan product.

For investors, the product now carries an interest rate of 6.46% p.a. (6.50% p.a. comparison rate*).

NAB subsidiary ubank also shook up home loan rates this week, unveiling variable rates from 5.64% p.a. for owner-occupiers and 5.74% p.a. for investors (comparison rates* 5.66% p.a. and 5.76% p.a. respectively).

Like CommBank, NAB doesn't automatically reduce the repayments of variable home loan holders when their rate is cut.

If they don't request their repayments be reduced, they'll effectively find themselves making extra repayments.

ANZ cuts home loan rates: Refinancers offered 5.59%

Finally, the smallest of the big four banks, ANZ, also dropped rates in the wake of the RBA rate cut, passing on the full 25 basis points to existing borrowers, homebuyers, refinancers, and investors.

The bank's lowest rate is offered exclusively to eligible owner-occupier refinancers signing up to its ANZ Plus product – 5.59% p.a. (5.60% p.a. comparison rate*).

Homebuyers will have to look outside of the ANZ Plus suite to the bank's Simplicity PLUS home loan range – which now offers rates of 5.89% p.a. (5.89% p.a. comparison rate*), including:

Borrower	LVR	Change	New rate	Comp rate*
Owner-occupier	<60%	-25bp	5.89%	5.90%
	60–70%	-25bp	5.94%	5.95%
	70–80%	-25bp	6.04%	6.04%
	80–90%	-25bp	6.59%	6.59%
	>90%	-25bp	7.14%	7.14%
Investor	<60%	-25bp	6.14%	6.14%
	60–70%	-25bp	6.19%	6.19%
	70–80%	-25bp	6.29%	6.29%
	80–90%	-25bp	6.99%	6.99%
	>90%	-25bp	7.49%	7.49%

Other home loan interest rate movers

Other lenders moving in the wake of the RBA cut this week include:

Lender	New lowest variable rate	Comp rate*
AMP Bank	5.64%	6.00%
Suncorp Bank	5.64%	5.65%
Newcastle Permanent	5.49%	5.53%
Greater Bank	5.49%	5.50%
Heritage Bank	5.49%	5.51%
G&C Mutual Bank	5.45%	5.49%
Unity Bank	5.45%	5.49%
Regional Australia Bank	5.56%	5.57%
Qudos Bank	5.44%	5.44%
Bank First	5.49%	5.52%
Police Bank	5.34%	5.41%
IMB Bank	5.54%	5.57%

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Important Information and Comparison Rate Warning