{"id":796453,"date":"2026-07-12T05:18:16","date_gmt":"2026-07-12T05:18:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/796453\/"},"modified":"2026-07-12T05:18:16","modified_gmt":"2026-07-12T05:18:16","slug":"rate-war-intensifies-as-lenders-defy-rba-cut-home-loan-rates","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/796453\/","title":{"rendered":"Rate war intensifies as lenders defy RBA, cut home loan rates"},"content":{"rendered":"

Bendigo<\/a> Bank became the latest lender to cut variable rates in the past week, reducing one product by 0.15 percentage points to 5.89%. It joins 14 other lenders now offering at least one variable rate below 5.9%. The lowest variable rates on the market remain held by LCU and Pacific Mortgage Group, both at 5.69%. Forty lenders now offer at least one variable rate below 6%, according to the database.<\/p>\n

Lowest variable home loan rates<\/p>\n


\n\t
\n\t\t
\n\t\t\tProvider
\n\t\t\tLoan
\n\t\t\tMax LVR
\n\t\t\tInterest rate
\n\t\t\tComparison rate
\n\t\t
\n\t
\n\t
\n\t\t
\n\t\t\tPacific Mortgage Group
\n\t\t\tVariable P&I <60%
\n\t\t\t60%
\n\t\t\t5.69%
\n\t\t\t5.69%
\n\t\t
\n\t\t
\n\t\t\tLCU
\n\t\t\tSimple Home Loan
\n\t\t\t95%
\n\t\t\t5.69%
\n\t\t\t5.71%
\n\t\t
\n\t\t
\n\t\t\tHorizon Bank
\n\t\t\tFirst Home Buyer Loan P&I <70%
\n\t\t\t70%
\n\t\t\t5.74%
\n\t\t\t5.74%
\n\t\t
\n\t\t
\n\t\t\tUnity Bank
\n\t\t\tEssential Worker Variable
\n\t\t\t95%
\n\t\t\t5.80%
\n\t\t\t5.85%
\n\t\t
\n\t\t
\n\t\t\tVirgin Money<\/a>
\n\t\t\tResidential Lite Home Loan Variable P&I <80% >150k
\n\t\t\t80%
\n\t\t\t5.84%
\n\t\t\t5.86%
\n\t\t
\n\t\t
\n\t\t\tBorder Bank
\n\t\t\tFirst Home Loan P&I 80-98%
\n\t\t\t98%
\n\t\t\t5.84%
\n\t\t\t5.91%
\n\t\t
\n\t\t
\n\t\t\tPolice Bank
\n\t\t\tFirst Home Loan P&I 80-98%
\n\t\t\t98%
\n\t\t\t5.84%
\n\t\t\t5.91%
\n\t\t
\n\t <\/p>\n

Source: Canstar.com.au. Based on owner-occupier variable loans on Canstar’s database.<\/p>\n

\"Sally\u201cCompetition among lenders<\/a> continues to create opportunities for some households to cut their borrowing costs,\u201d said Sally Tindall (pictured right), data insights director at Canstar. \u201cNegotiating with your lender can get you on your way, but the bigger gains still typically come from refinancing.\u201d<\/p>\n

Tindall pointed to the Australian Prudential Regulation Authority<\/a>‘s Quarterly ADI Property Exposures report for the March 2026 quarter, which showed loans between 30 and 89 days in arrears rose slightly following the RBA’s rate rises, though the figure remained low at 0.49% of the loan book.<\/p>\n

\u201cSimilarly, the value of home loans on interest-only loans rose marginally in the March quarter to 11.8% of all mortgages, also below average \u2013 evidence existing borrowers aren’t switching over to interest-only in search of relief from rising rates,\u201d she said.<\/p>\n

\u201cThe same can’t be said for owner-occupiers buying property with next-to-no deposit. While overall lending took a backwards step in the March quarter, the proportion of new owner-occupier loans with a deposit of 5% or less hit a record high<\/a> \u2013 not exactly ideal timing given the subsequent slide in property prices.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Bendigo Bank became the latest lender to cut variable rates in the past week, reducing one product by…\n","protected":false},"author":2,"featured_media":796454,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46,62281,280803,39434],"class_list":["post-796453","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy","tag-home-loan","tag-rate-war","tag-rba"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/796453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=796453"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/796453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/796454"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=796453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=796453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=796453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}