As you are no doubt aware, the RBA decided to reduce the official cash rate by 0.25% to 3.85%. They made this announcement on 20th May 2025 and you can read more by visiting the announcement here.
While a change to the official cash rate does not mean that variable rate home loans in Australia will automatically change by the same amount, many lenders use this opportunity to review rates. Our funding partners have all let us know their decisions on interest rates for existing customers. Please note this information may not apply for new customer home loans.
Look below for your home loan product and funder.
Ultimate and Next Step – WellNigh
Existing and new customers with these products will have rates decreased by 0.25%
Effective date: 6th June 2025
Flex and Launchpad 40 year – WellNigh
Existing and new customers with these products will have rates decreased by 0.25%
Effective date: 6th June 2025
Legacy products that are no longer offered
Well Balanced and Equity Plus – Adelaide Bank
Existing customers with these products will have rates decreased by 0.10%
Effective date: 6th June 2025
Frequently asked questions
Will I get more information?
Yes, each funder will provide you with a letter outlining the information above and the changes to your home loan account. These will be provided directly from the funder (produced on our letterhead) and sent to your nominated mailing address or in some instances, via your nominated email address.
What are my new repayments going to be?
The exact amount of your new repayments will be known after the interest rate changes take place.
Will my repayments automatically be reduced to the new repayment?
Maybe yes, maybe no. There are some lenders that won’t make any changes at all, however for our funders it will depend on how you have setup your direct debit arrangements.
- If you are making payments manually – you will need to adjust your own arrangements.
- If you have a direct debit and nominated the minimum repayment – this will automatically adjust.
- If you have a direct debit and have nominated a set amount – you will need to readjust this with a new direct debit instructions, or the set amount will continue as normal.
