Among this week's mortgage rate movers was one big four bank and a Queensland-based major – each adjusting their rates ahead of a widely anticipated cash rate cut. 

The Reserve Bank of Australia (RBA) board meets on Monday to assess the trajectory of interest rates.

The majority of experts and traders expect a 25 basis point cut to be announced on Tuesday, the first since the early-pandemic era.

All eyes will undoubtably be on the RBA and Governor Michele Bullock next week.

Until then, these lenders have already moved on rates, with some unveiling market-leading fixed offers.

Westpac & co drop fixed home loan rates by up to 40 basis points

Westpac and its subsidiaries Bank of Melbourne, BankSA, and St George Bank each cut fixed rates this week, unveiling a market-leading offering.

The above banks each now advertise a one-year fixed rate of 5.69% p.a. for owner-occupiers with loan-to-value ratios (LVRs) of 70% or less (comparison rates* range from 7.55% p.a. to 7.60% p.a.)

That appears to be the lowest rate on the market for a one year fixed rate term – equal with that offered by Macquarie Bank.

Check out our previous coverage of Westpac's latest rate cuts here.

AMP Bank slashes fixed rates to as low as 5.7%

AMP Bank also lowered fixed rates offered to owner-occupiers and investors this week.

The lowest fixed rate offered at the bank is now 5.70% p.a., promised to homeowners with LVRs of 80% or less fixing for two or three years.

Beyond interest charges, borrowers turning to AMP will also be up for a $349 annual fee.

New rates advertised this week include:

Fixed
period		 LVR New
rates		 Comp
rate*
One
year		 ≤80% 5.89%
(-15bp)		 7.19%
80-90% 6.09%
(-15bp)		 7.28%
Two
years		 ≤80% 5.70%
(-19bp)		 7.02%
80-90% 5.90%
(-19bp)		 7.12%
Three
years		 ≤80% 5.70%
(-19bp)		 7.00%
80-90% 5.90%
(-19bp)		 7.00%
Five
years		 ≤80% 6.09%
(-20bp)		 6.95%
80-90% 6.29%
(-20bp)		 6.95%

Meanwhile, AMP also slashed rates on investment home loans, with the following now advertised to those making principal and interest repayments:

Fixed
period		 LVR New
rates		 Comp
rate*
One
year		 ≤80% 6.00%
(-14bp)		 7.20%
80-90% 6.20%
(-14bp)		 7.33%
Two
years		 ≤80% 5.84%
(-10bp)		 7.05%
80-90% 6.04%
(-10bp)		 7.18%
Three
years		 ≤80% 5.73%
(-16bp)		 6.90%
80-90% 5.93%
(-16bp)		 7.04%
Five
years		 ≤80% 6.12%
(-27bp)		 6.83%
80-90% 6.32%
(-27bp)		 6.99%

BOQ cuts fixed rates by up to 15 basis points

Bank of Queensland, affectionately known as BOQ, and its subsidiary ME Bank each slashed fixed rates to as low as 5.54% p.a. this week.

That's a special offer rate advertised by BOQ for a limited time to eligible borrowers who sign onto fixed periods of two or three years.

It's also just six basis points above what's apparently the lowest fixed rate on the market right now - 5.49% p.a. From customer-owned banks such as Australian Mutual Bank and Community First Bank.

New-to-bank customers with LVRs of 80% or more might be eligible for the following discounted fixed rates from BOQ:

Borrower Fixed
period		 New
rate		 Comp
rate*
Owner-
occupier		 Two
years		 5.54%
(-15bp)		 6.35%
Three
years		 5.54%
(-15bp)		 6.27%
Four
years		 5.84%
(-15bp)		 6.31%
Five
years		 5.84%
(-15bp)		 6.27%
Investor Two
years		 5.79%
(-10bp)		 6.47%
Three
years		 5.79%
(-10bp)		 6.41%
Four
years		 6.09%
(-10bp)		 6.47%
Five
years		 6.09%
(-10bp)		 6.44%

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Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.79% p.a.
5.83% p.a.
$2,931
Principal & Interest
Variable
$0
$530
90%
  • Available for purchase or refinance, min10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.84% p.a.
5.86% p.a.
$2,947
Principal & Interest
Variable
$0
$250
60%
  • Easy application. Fast approval. No annual fee.
  • Unlimited additional repayments free of charge.
  • Redraw freely - Access your additional payments.
 Disclosure
5.74% p.a.
5.65% p.a.
$2,915
Principal & Interest
Variable
$0
$0
80%
100% owned by Commbank
  • A low-rate variable home loan from a 100% online lender.
  • Backed by the Commonwealth Bank.
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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