The RBA surprised many economists with the May 2016 ‘budget day’ rate cut, so what are banks and lenders doing about it?
To help you keep across what the banks and other lenders decide please check out the table below with who is passing on the savings to you and when.
May 2016 RBA Rate Cut – which lenders are passing on the savings and when?
| Lender | Rate Type | Rate change | Effective Date |
| Adelaide Bank | Variable | 0.17% | 30 May, 2016 |
| AMP | Variable | 0.20% | 23 May, 2016 |
| ANZ | Variable | 0.19% | 13 May, 2016 |
| Bank of Queensland | Variable | 0.25% | 18 May,2016 |
| BankWest | Variable | 0.20% | 20 May, 2016 |
| CommBank | Variable | 0.25% | 20 May, 2016 |
| Citibank | Variable | Under Review | |
| Heritage Bank | Variable | 0.20% | 23 May, 2016 |
| ING Direct | Variable | 0.25% | 20 May, 2016 |
| Liberty | Variable | Under review | – |
| Macquarie | Variable | Under review | – |
| ME Bank | Variable | 0.05% | 16 May, 2016 |
| NAB | Variable | 0.25% | 16 May, 2016 |
| St George | Variable | 0.25% | 23 May, 2016 |
| Suncorp | Variable | 0.20% owner occupied
0.15% investor |
25 May, 2016 |
| Westpac | Variable | 0.25% | 23 May, 2016 |
Those under review will be updated once a decision is communicated.
Regardless of whether your lender passes on the full cut, you should be reviewing your home loan regularly to ensure that not only your home loan interest rate remains competitive, but also that your home loan is meeting your needs.
The Loans Analyst can quickly and easily do a home loan health check at no cost to you, so give The Loans Analyst a call on 1300 79 72 27 or contact us online and we will get back to you asap.