By close of business on Friday 21 lenders had announced changes to their home loan interest rates – all of them passing on the full 25 basis points of the Reserve Bank’s cash rate increase. But the Reserve Bank says borrowers who refinance are getting loans at rates well below advertised rates. Comparison site Mozo reported that all the big banks plus their subsidiaries put up rates, along with AMP Bank, Auswide, Bank of Queensland FreedomLend, ING Bank, Macquarie, and Suncorp. Mozo said 50 lenders out of 96 on its database passed on all the rate increases in full last year. RateCity reported that the lowest variable rates in its database include Maitland Mutual Building Society’s offer of 3.99 per cent, Summerland Credit Union’s 4.34 per cent, First Service Credit Union’s 4.39 per cent, Unloan’s 4.44 per cent and Bank First’s 4.44 per cent. The Reserve Bank noted in its latest Statement on Monetary Policy that very few borrowers pay the reference rates and are usually offered products at a discount to advertised rates. The RBA said these discounts have increased since the cash rate started rising last May. The rate on outstanding variable rate loans increased by around 35 basis points less that the cumulative increase in standard variable reference rates up to December. “Much of this difference reflects borrowers securing lower variable interest rates by refinancing their loans with another lender or renegotiating the terms of their loans with their current lender,” the RBA said. It said interest rates on new variable-rate loans are around 50 bps lower than rates on outstanding variable-rate loans.