Home loan rate cuts - October 2008

Update: November interest rates cuts.

After Reserve Bank of Australia (RBA) cut official interest rate by smashing 100 basis points to 6.00%, everybody's eyes are on banks - how much of the rate cut will be passed on to consumers?

Here at Rate Detective we provide summary of major banks home loan rate cuts to their customers:


Westpac was first to announce home loan cut by 80 basis point. The new standard variable rate will be 8.56 per cent; rate cut will be effective from October 13.

Commonwealth Bank (CBA)

CBA also announced home loan cut by 80 basis point. The new standard variable rate will be 8.53 per cent; rate cut will be effective from October 13.


ANZ Bank reduced its standard variable home loan rate by 80 basis points to 8.57 per cent. Rate cut will be effective from October 13.


NAB's 80 basis point cut takes its home loan rate to 8.56 per cent, effective October 20.

St George Bank

St George lowering its standard variable home loan interest rates by 0.80% pa to 8.57% pa, effective 13 October 2008 for new and existing customers.

Bendigo Bank

Bendigo has lowered its residential variable home loans by 80 basis points to 8.6 per cent for new and existing customers from October 20.


BankWest has cut its standard variable rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent per annum. BankWest rate tracker home loan will also move 80 basis points from 8.35 per cent p.a. to 7.55 per cent.

Rate cuts effective from October 17.


Suncorp announced a decrease on variable rate home loans of 0.8% pa, following the Reserve Bank of Australia's announcement of a cut to the official cash rate.

Effective 20 October, Suncorp's variable rate on home loans will decrease by 0.8% pa to 8.62% pa (8.77% pa Comparison Rate) for new and existing customers.

RAMS Home Loans

RAMS Home Loans said it would cut its variable home loan rate by 0.9 of a percentage point to 8.39 per cent, effective October 13.

RAMS also said its Rate Relief home loan offered new borrowers a further 1 per cent discount on new standard variable rate loans for the two years of the loan to 7.39 per cent.

AMP Bank

AMP Banking will cut its standard variable home loan interest rate by 80 basis points to 8.62 per cent per annum.

The change is effective for new customers from Saturday 18 October and Monday 20 October for existing customers.

AMP Banking's First Home Saver Account introductory interest rate of 8 per cent (7 per cent variable interest rate with a 1 per cent bonus) is unchanged. A decision on other deposit products is yet to be made.

ING Direct

Following the Reserve Bank decision to decrease the official cash rate, ING DIRECT will reduce all variable mortgage rates by 0.80% pa effective from 20 October 2008. Their standard variable home loan Mortgage Simplifier will reduce to 7.94% from 8.74%.

Here at Rate Detective you can:

Compare Home Loan rates
Compare latest home loan rates from over 30 major lenders. Apply and get FREE help with application paperwork.

Get instant Life Insurance quotes and 20% cash rebate if apply
Get instant quotes for Life Insurance, Trauma Cover or Total and Permanent Disability insurance or useful information about Income Protection Insurance. Receive 20% cash rebate on your premiums if decide to apply through Rate Detective

Save on Electricity or Gas
You can save on your Electricity and/or Gas by switching providers and there will be no interruptions to how you will be able to use electricity or gas. And of course it's for free.

Compare Credit Cards
Are you looking for a brand new Credit Card or are you paying too much interest on your current one? Through the use of our credit card comparison tools, we'll ensure that you'll find the most suitable credit card to suit your needs.

Compare Savings Accounts
As managing your money becomes more important, it is important to find a savings account that offers a good mix of features and a high interest rate. Choose the best high interest rate savings account for you, and many banks will allow you to apply online.

Get your quotes now

What to find out more? Enquire now

Published on October 10-th, 2008 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
Enquire about Home Loans
Please enter the estimated value of the property

Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.