Which lenders adjusted rates during "big week for interest rates?"
The past week saw significant movement in home loan rates, with 16 lenders cutting at least one rate and only one lender raising rates.
The latest RateCity interest rates weekly wrap-up showed fixed rate loans were the primary focus of the rate reductions, particularly for one- and two-year terms.
Nine lenders, including Bank of Queensland (BoQ), AMP, ME Bank, Aussie, Newcastle Permanent, and BankVic, lowered their two-year fixed rates below 6%. Ten lenders did the same for their one-year fixes.
Newcastle Permanent reduced its two-year owner-occupier fixed principal and interest rate by 30 basis points (bps), bringing it down to 5.49%. Bendigo & Adelaide Bank also implemented a reprice, slashing its two-year fix by 45bps, now sitting at 5.54%.
Other lenders making significant cuts include Tiimely, which reduced its two-year fixed rate by 40bps to 5.54%, and Aussie, which led the pack with a 65-bps cut to its two-year fixed rate, now at 5.64%. 
The lowest advertised variable rates currently available, according to RateCity, include offers from Abal Bank at 5.75%, followed closely by Police Bank, Bank of Heritage Isle, and Border Bank at 5.84%. Pacific Mortgage Group, The Mutual Bank, and Police Credit Union are offering variable rates of 5.89%.
For fixed rates, the most competitive one-year rate comes from Geelong Bank at 5.50%, while Newcastle Permanent offers a two-year fix at 5.49%. SWS Bank leads with a three-year fixed rate of 4.99%. Both HSBC and RACQ are offering 5.59% for four- and five-year terms, respectively. 
For variable rates, CBA is offering the lowest rate among the big four at 6.15%, narrowly ahead of NAB at 6.14%. ANZ’s variable rate is also 6.14%, though only available for refinancing. Westpac’s lowest variable rate stands at 6.44% for the first two years, increasing by 4bps thereafter.
Among fixed rate loans offered by the big banks, Westpac has the most competitive offerings across one- to five-year terms, with a 5.89% rate for all except the one-year term, which is 6.09%. CBA’s lowest fixed rate is 5.89% for three years, while NAB and ANZ both advertise their lowest three-year fixed rates at 5.99% and 6.59%, respectively. 
“It was a big week for interest rates, with the RBA leaving the cash rate on hold at 4.35% on Tuesday, even as the US Federal Reserve made its first cut this decade,” said Laine Gordon (pictured above), money editor at RateCity.com.au. “On Wednesday, the monthly CPI indicator clocked in at 2.7% in August – the lowest reading in three years. Trimmed inflation, however – the RBA’s preferred measure – printed at 3.4%.
“While inflation is moving in the right direction, the RBA board has made it clear that much of the decline in prices reflected the government’s temporary cost-of-living measures, and doesn’t expect it to return ‘sustainably to target until 2026’ – effectively squashing any hopes of a cash rate cut in the near term. It has been 10 months since the RBA last changed the cash rate, so it’s time for a reality check.
“The average owner-occupier on a variable rate is now paying 6.36%, according to the latest RBA lending rates. That’s well above some of the lowest variable rates on RateCity’s database, starting at 5.75%. Fixed rates remain even more competitive from 4.99%, if you’re willing to lock in your rate for three years – and that’s a very big ‘if’.”
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