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RBA Governor Michele Bullock during a press conference. Picture: NewsWire / Nikki Short
Fifteen Aussie lenders have cut variable rates since the start of April, in addition to the February cash rate cut, as mortgage competition ramps up ahead of next week’s RBA meeting.
Latest Canstar rate tracking has revealed the top Aussie banks to have advertised new customer variable rates since April 1, including Commonwealth Bank, Westpack, Bank of Queensland, Newcastle Permanent, Greater Bank, AMP Bank, Aussie, Bank of China, Bank of Melbourne, BankSA, BankVic, Defence Bank, Macquarie Bank, St.George Bank and Summerland Bank.
The lowest variable rate is currently 5.59 per cent, while Canstar.com.au shows there are 35 lenders offering at least one variable rate under 5.75 per cent.
Come Tuesday’s RBA board meeting, Canstar predicts over 30 lenders could offer at least one advertised variable rate under 5.50 per cent.
The lowest variable rate, meanwhile, could fall below 5.40 per cent, while the new average existing owner-occupier variable rate could drop to 5.81 per cent.
According to Canstar, at least 30 lenders have also slashed fixed home loan rates since April, including ANZ, NAB and Macquarie Bank.
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As a result, there are now fixed term rates starting with a ‘4’, with Bank of Queensland and Police Bank offering select fixed rates under 5 per cent.
Canstar.com.au’s data insights director Sally Tindall said Australia’s mortgage market was buzzing with healthy competition.
“If there is a cash rate cut in May, we expect competition in the market to ramp further up as borrowers check in on their new rate and ideally compare it against the rest of the pack,” she said.
“If the cash rate drops to 3.85 per cent, the average owner-occupier could see their variable rate fall below 6 per cent, however, borrowers can do far better than this. We expect there’ll be more than 30 lenders offering at least one rate under 5.50 per cent.
“All these rate changes are great news for Australians with variable home loans, but only if they take advantage of the competition.
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“While the vast majority of banks should pass on the next cash rate cut in full to their existing variable customers, the reductions we’ve seen outside the RBA decisions are typically only reserved for new business or those prepared to lock in their rate.
“Borrowers should use the next few days to take stock of their interest rate and work out where it sits in the pack before a potential cash rate cut, and if need be, pick up the phone and haggle with their bank for a lower rate.”
All of the big four banks are forecasting a cash rate cut on Tuesday, with NAB expecting a double cut down to a cash rate of 3.60 per cent.
ANZ has also updated its cash rate forecast, tipping a cut next Tuesday, saying the move is “more likely than not”.
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It still expects a total of three RBA cuts to come, however, it has shifted the timing of the following two cuts to August and then the first quarter of 2026 (previously it was July and August).
For an owner-occupier with a $600,000 debt and 25 years remaining on the loan, a 0.25 percentage point RBA cut could see monthly repayments drop by $91, assuming the banks pass it on in full to existing variable rate borrowers.
