Forty-nine lenders announced mortgage interest rate changes in the week the Reserve Bank cut to cash rate to 1 per cent, with an average cut of 20 basis points.
On Friday, the deposit rate cuts started. ANZ and NAB announced new at-call rates, with the cuts ranging from 15 to 25 bps.
On the home loan front, according to RateCity lenders that cut by 25 bps include ANZ, Athena, Auswide, Loans.com.au, Newcastle Permanent, RACQ, Resimac and UBank.
Westpac and its subsidiary banks cut the variable rate for investors paying interest only by 20 bps.
Some of the smaller rate reductions include Macquarie Credit Union’s 12 bps cut, and Bank Australia’s 16 bps cut. Bank of us, Bank of Queensland, Heritage Bank, ME Bank, People’s Choice Credit Union, Qudos Bank and Virgin Money all cut by 15 bps.
On the saving account front, ANZ cut its Online Saver and Progress Saver rates. The three-month introductory rate on Online Saver was cut from 2.1 per cent to 1.95 per cent and the ongoing rate was cut from 30 bps to 15 bps.
ANZ cut the bonus rate on its Progress Saver account from 2.2 per cent to 1.95 per cent.
NAB cut the four-month introductory rate on its iSaver account from 2.3 per cent to 2.11 per cent. The ongoing rate was cut from 30 bps to 11 bps.
NAB cut the bonus rate on its Reward Saver account from 2.05 per cent to 1.86 per cent.
RateCity says the highest at-call deposit rate in its database is 2.75 per cent, which Endeavour Mutual is offering to people up to age 35 who deposit a minimum of $400 a month.
Others with at-call rates above 2.5 per cent include Ubank, MyState, RAMS and Australian Unity.