RBA Cash Rate Cut 20 May 2025
The RBA Cash Rate (Reserve Bank of Australia) was cut recently by .25% (now 3.85%) yet some of the banks have not yet passed this on to consumers. As at today 28 May, 2025 these lenders have now confirmed when they will be passing this on to consumers. But will your repayments change and how much will you save?
|
LENDER |
RATE CUT EFFECTIVE |
|
MACQUARIE |
23 MAY |
|
HSBC |
28 MAY |
|
ANZ, CBA, NAB, BANKWEST, SUNCORP |
30 MAY |
|
TEACHERS MUTUAL BANK |
1 JUNE |
|
AMP, BANK AUSTRALIA |
2 JUNE |
|
BANK OF MELBOURNE, GREAT SOUTHERN BANK, ING, ST GEORGE, WESTPAC, FIRST MAC,LIBERTY, BEYOND BANK |
3 JUNE |
|
MYSTATE, PEPPER, REDZED |
5 JUNE |
|
ADELAIDE AND BENDIGO BANK, ME BANK |
6 JUNE |
Note: Not all lenders are listed above. Brighten, Granite, AFG Retro & Link and Advantedge are all after 12 June. Please consult directly with your lender or broker for exact date.
ARE REPAYMENTS ADJUSTED AUTOMATICALLY?
|
YES |
AMP, Advantedge, Bankwest, Suncorp, Bank Australia, UBank, Firstmac, Macquarie, MyState, Pepper, Resimac, ME Bank |
|
NO |
ANZ, CBA, HSBC, NAB, St George, Westpac, Bank of Melbourne, Beyond Bank, Brighten, Granite, Great Southern Bank, ING, Liberty, Peoples Choice, Redzed, Teachers Mutual, AFG Retro & Link |
If your lender is listed as NO and you want to reduce your payments, you’ll need to contact them to request this change. This can be done by calling your bank and oftentimes via your online banking portal.
TIP: If you can afford to maintain the higher repayment you WILL SAVE potentially thousands, if not tens of thousands of dollars over the term of your loan.
