The RBA has cut the cash rate to 4.10%. Learn how this affects your mortgage repayments and the process for requesting a mortgage adjustment with each major Australian lender. Read more below.
On Tuesday, 18th February, the Reserve Bank of Australia (RBA) reduced the cash rate to 4.10%. If you have a home loan, this interest rate change could impact your mortgage repayments.
Lenders are expected to pass on a 0.25% rate reduction over the next week. However, most won’t automatically adjust your repayments. That means you may need to act to lower your home loan repayments or take advantage of lower mortgage rates.
👉 Watch our video on what this means for you: Check it out here.
Why Your Repayments Won’t Adjust Automatically
Even though lenders are lowering interest rates, they won’t automatically reduce your minimum repayment amount. Due to privacy policies, banks do not allow mortgage brokers to make these changes for you.
If you want to lower your mortgage repayments, you’ll need to contact your lender and request an adjustment.
Should You Lower Your Mortgage Repayments?
A lower home loan interest rate can reduce your monthly repayments. However, keeping your repayments at the current level can help you pay off your mortgage faster and save thousands in interest over time.
Not sure what’s best for you? Contact us for expert mortgage advice.
How to Adjust Your Mortgage Repayments with Major Lenders
Each bank has a different process for updating mortgage repayments. Use the table below to find out when and how to adjust yours.
Lender Repayment Adjustment Guide
Lender | When you can adjust | How to adjust repayments | Note |
CBA | From 28 Feb 2025 | Call 13 2221 to review or update repayments. | Typically, the new repayment adjustments take place after every due date. |
Westpac | From 4 Mar 2025 | Repayments are automatically adjusted for all variable-rate customers. | You will receive an email detailing your new rate and new repayment amount before the end of March |
NAB | From 28 Feb 2025 | Call 13 22 65 to adjust repayments | Typically, the new repayment adjustments take place after every due date. |
ANZ | 6 days before new repayment takes effect | Adjust via ANZ Internet Banking - Modify a direct loan payment | ANZ | The effective date of the new minimum loan repayment is detailed in the change notice ANZ sends you |
St. George | From 4 Mar 2025 | Repayments are automatically adjusted for all variable-rate customers. | Typically, the new repayment adjustments take place after every due date. You will receive an email detailing your new rate and new repayment amount within the next 2 weeks |
ING | From 4 Mar 2025 | Call 133 464 for repayment review. | Typically, the new repayment adjustments take place after every due date. |
Suncorp | From 28 Feb 2025 | Repayments are automatically adjusted for all variable-rate customers. | Typically, the new repayment adjustments take place after every due date. |
Macquarie | From 28 Feb 2025 | Log in to Macquarie Online Banking. | Typically, the new repayment adjustments take place after every due date. |
Athena | From 18 Feb 2025 | Repayments are automatically adjusted for all variable-rate customers. | The effective date of the new minimum loan repayment is detailed in the change notice Athena sends you |
Reliance | From 1 Mar 2025 | Call 13 24 40 to adjust repayments | Typically, the new repayment adjustments take place after every due date. |
What Happens If You Do Nothing?
If you don’t take action, your repayments will stay the same. While this means you won’t see immediate savings, it does help pay off your mortgage faster and reduce the total interest you pay over time.
If you’re interested in saving on your home loan, check out our guides:
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Are you still unsure?
Talk with one of our finance experts who can guide you through the process and help find the best solution tailored to your needs.
Call us on (02) 8313-8400 or request a call back.
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