RBA Announcement - July 2020

The RBA held the official cash rate at 0.25%

07 July 2020|2 minute read

Woman looking at RBA rates on laptop

Prior to the July announcement, the Reserve Bank of Australia (RBA) made two consecutive cuts to the official cash rate. The first cut, on 3 March 2020, was from 0.75 to 0.5%. This was followed by a second, out of cycle rate cut on 19 March 2020 from 0.5% to a record low 0.25%.

The July rate cuts are welcome news for first home buyers and homeowners, with the government recently announcing the national HomeBuilder program and First Home Loan Deposit Scheme (FHLDS).

If you would like a home loan health check or want to learn more about the new government schemes, contact your Aussie Broker.



What should I do if my lender hasn’t changed their rate?

If you think you could be getting a better deal, it’s a great idea to check in with your Aussie Broker to review your options, particularly if your circumstances have recently changed.

Aussie Brokers are available over the phone, by email or via a video chat to discuss your home loan and any potential savings you may be eligible for.


Find your lender to see the March rate cuts

 

Adelaide Bank

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 27 March 2020 (New and Existing Customers)

 

AMP

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 30 March 2020 (New and Existing Customers)

 

ANZ

Rate type: Variable OO P&I, OO IO, INV P&I

March Rate Change 1 (3 March 2020): -.25%

Effective date: 13 March 2020 (New and Existing Customers)

March Rate Change 2 (19 March 2020):  -0.15%

Effective date: 27 March 2020 (New and Existing Customers)

 

Aussie Home Loans

 

Aussie Select

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 24 March 2020 (New and Existing Customers)

 

Aussie Activate (*depending on loan type)

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.20% to -.25%

Effective date: 16 March 2020 (New and Existing Customers)

 

Aussie Elevate

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 27 March 2020 (New and Existing Customers)

 

Aussie Optimiser/IQ

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date:  19 March 2020 (New and Existing Customers)

 

Bank of Melbourne

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 17 March 2020 (New and Existing Customers)

 

Bank SA

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 17 March 2020 (New and Existing Customers)

 

Bankwest

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 18 March 2020 (New and Existing Customers)

 

CommBank

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 24 March 2020 (New and Existing Customers)

 

Heritage Bank

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.20%

Effective date: 25 March 2020 (New and Existing Customers)

 

Homestart

Rate type: Variable OO P&I, OO IO, INV P&I

March Rate Change 1 (3 March 2020): -.25%

Effective date: 1 April 2020 (Existing Customers) 3 March 2020 (New Customers)

March Rate Change 2 (19 March 2020):  -0.15%

Effective date: 24 March 2020 (New and Existing Customers)

 

HSBC

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 23 March 2020 (New and Existing Customers)

 

ING Direct 

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 18 March 2020 (New and Existing Customers)

 

Keystart

Pending

 

Liberty

Rate type: Variable OO P&I, OO IO, INV P&I

March Rate Change 1 (3 March 2020): -.25%

Effective date: 24 March 2020 (New and Existing Customers)

March Rate Change 2 (19 March 2020):  -0.15%

Effective date: 16 April 2020 (New and Existing Customers)

 

Macquarie

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 19 March 2020 (New and Existing Customers)

 

ME

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 26 March 2020 (New and Existing Customers)

 

MyState

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 31 March 2020 (New and Existing Customers)

 

NAB

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 13 March 2020 (New and Existing Customers)

 

P&N Bank

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 20 March 2020 (New and Existing Customers)

 

Pepper (*depending on loan type)

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.20% to -.25%

Effective date: 16 March 2020 (New and Existing Customers)

 

St George

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 17 March 2020 (New and Existing Customers)

 

Suncorp

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 20 March 2020 (New and Existing Customers)

 

Virgin Money

Rate type: Variable OO P&I, OO IO

March Rate Change 1 (3 March 2020): -.17%

Effective date: 03 April 2020 (New and Existing Customers)

 

Westpac

Rate type: Variable OO P&I, OO IO, INV P&I, INV IO

March Rate Change 1 (3 March 2020): -.25%

Effective date: 17 March 2020 (New and Existing Customers)

 

Note: Those pending will be updated once communicated.


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