Here's a list of banks and lenders that passed on the last rate cut.
| Lender | Lowest effective variable rate* | Effective date |
|---|---|---|
| Athena | 5.99% | 18 February |
| CommBank | 5.90% | 28 February |
| NAB | 6.19% | 28 February |
| Westpac | 6.19% | 04 March |
| St.George | 6.04% | 04 March |
| Bank of Melbourne | 6.04% | 04 March |
| BankSA | 6.04% | 04 March |
| ANZ | 5.84% | 28 February |
| Bankwest | 5.99% | 28 February |
| Suncorp | 5.88% | 28 February |
| Unloan | 5.74% | 21 February |
| Macquarie Bank | 5.89% | 28 February |
| ING | 5.89% | 04 March |
| HSBC | 5.74% | 10 March |
| Bendigo Bank | 5.84% | 07 March |
| AMP | 5.89% | 28 February |
| Resimac | 6.14% | 05 March |
| Aussie | 5.89% | 07 March |
| Firstmac | 6.03% | 04 March |
| RACQ Bank | 5.64% | 04 March |
| Homestar | 5.74% | 28 February |
| Bank First | 5.74% | 27 February |
| Pepper Money | 6.59% | 05 March |
| Gateway Bank | 5.70% | 25 February |
| Heritage Bank | 5.74% | 04 March |
| Broken Hill Bank | 6.64% | TBC |
| UniBank | 5.74% | 28 February |
| resi | 5.89% | 28 February |
| Warwick Credit Union | 6.14% | 27 March |
| BankWAW | 5.54% | TBC |
| Adelaide Bank | 5.99% | 07 March |
| AusWide Bank | 5.84% | 28 February |
| MyState Bank | 5.79% | 04 March |
| Australian Unity | 5.78% | 03 March |
| First Option Bank | 5.74% | 01 March |
| The Mutual | 5.64% | 04 March |
| Well Money | 5.81% | 07 March |
| Unity Bank | 5.74% | 01 March |
| bcu | 5.74% | 05 March |
| ME Bank | 5.88% | 08 March |
| Defence Bank | 6.19% | 27 February |
| MOVE Bank | 5.69% | 01 March |
| NRMA | 5.78% | 07 March |
| Summerland Bank | 5.49% | TBC |
| Teachers Mutual Bank | 5.74% | 28 February |
| Reduce | 5.74% | TBC |
| Sucasa | 6.05% | 28 February |
| Border Bank | 5.59% | 28 February |
| Southern Cross Credit Union | 6.23% | 03 March |
| loans.com.au | 5.79% | 04 March |
| Coastline Credit Union | 6.69% | 28 February |
| Up Bank | 5.75% | 01 March |
| Homeloans.com.au | 6.14% | 05 March |
| Hume Bank | 5.74% | 03 March |
| G&C Mutual Bank | 5.49% | 01 March |
| Credit Union SA | 5.79% | 05 March |
| Ubank | 5.84% | 27 February |
| IMB | 5.79% | 04 March |
| Police Bank | 5.59% | 28 February |
| The Mac | 5.67% | TBC |
| Community First Bank | 5.69% | 12 March |
| Bank of Sydney | 5.79% | 12 March |
| BankVic | 5.74% | 04 March |
| Horizon Bank | 5.64% | 28 February |
| Qudos Bank | 5.69% | 27 February |
| People's Choice | 5.64% | 04 March |
| Firefighters Mutual Bank | 5.74% | 28 February |
| Geelong Bank | 5.89% | 05 March |
| Bank Australia | 5.88% | 04 March |
| Newcastle Permanent | 5.74% | 07 March |
| Great Southern Bank | 5.89% | 04 March |
| Arab Bank Australia | 5.50% | 04 March |
| Regional Australia Bank | 5.69% | 04 March |
| Yellow Brick Road | 7.39% | 28 February |
| Greater Bank | 5.74% | 07 March |
| Queensland Country Bank | 5.64% | 11 March |
| Bluestone | 6.79% | 05 March |
| Bank of Queensland | 5.93% | 07 March |
| Beyond Bank | 6.04% | 04 March |
| Australian Military Bank | 6.18% | 04 March |
| Qantas Money | 5.88% | 07 March |
| Tiimely | 5.74% | 07 March |
| Pacific Mortgage Group | 5.64% | TBC |
| Illawarra Credit Union | 5.69% | 5 March |
| Yard | 5.89% | 07 March |
| P&N Bank | 5.88% | 05 March |
| Cairns Bank | 5.99% | 8 March |
| Easy Street | 5.79% | 12 March |
| NICU | 5.74% | 1 March |
| Transport Mutual | 6.69% | 21 February |
| Bank of us | 5.89% | 12 March |
| Laboratories Credit Union | 5.70% | 01 March |
| QBank | 5.74% | 11 March |
| Fire Service Credit Union | 5.84% | TBC |
| Australian Mutual Bank | 5.44% | 01 March |
| Bank Orange | 5.69% | 06 March |
| Mortgage House | 6.19% | 18 February March |
| Bank of China | 5.68% | 4 March |
| Police Credit Union | 5.74% | 1st April |
| Woolworths Team Bank | 6.09% | TBC |
| Southwest Slopes Bank | 6.35% | 04 March |
| Family First Credit Union | 5.69% | TBC |
| Dnister | 5.79% | 27 February |
| Central West Credit Union | 6.04% | 25 February |
| Goulburn Murray Credit Union | 5.94% | 01 March |
*Rates listed here were correct in February 2025. Lenders may have changed their rates or added new offers since this list was published.
Virgin Money and BOQ Specialist are two lenders that didn't pass on the rate cut.
Police Credit Union is passing on the 25 basis point cut to most of its loans, but is cutting the rate on its most competitive variable rate loan by just 15 basis points.
The RBA cut the cash rate because inflation has finally fallen within the target range. The RBA adjusts the cash rate up to slow inflation, and moves it down if inflation is on target, or to stimulate the economy.
If you have a home loan and your lender passes on the cash rate cut, you stand to save a fair bit of money. Finder analysis suggests the average borrower will save at least $100 a month in lower home loan repayments.
Here are some examples with different loan sizes. We've assumed a 30-year term in each scenario, and used a fairly typical rate of 6.15%, with a 25 basis point cut to 5.90%.
| Loan amount | Monthly repayments at 6.15% | Monthly repayments at 5.90% | Monthly saving | Annual saving |
|---|---|---|---|---|
$600,000 | $3,656 | $3,556 | $100 | $1,200 |
$800,000 | $4,874 | $4,746 | $128 | $1,536 |
$1,000,000 | $6,093 | $5,932 | $161 | $1,932 |
$1,200,000 | $7,311 | $7,118 | $193 | $2,316 |
Banks and lenders also cut rates on high interest savings accounts when the cash rate falls. Many banks have already passed on the February cut to savers.
In the days following an RBA rate cut decision, Australia's banks and lenders cut interest rates on their variable rate home loans.
Banks also lower interest rates on their high interest savings accounts, meaning people with savings accounts earn less interest.
Some lenders even cut rates on the same day. But more often banks take a few days to make a decision and then implement the lower interest rates a week or two after the RBA's decision.
No. Most of them do, but banks and lenders can do whatever they like really. Some banks pass on a full cut, others may cut by slightly less.
Some lenders cut their rates for new borrowers but keep existing borrowers on their old, higher rates.
Major bank NAB has doubled down on its prediction for a 0.50% rate cut in May.
Read more…
Economists had already predicted 2 or 3 more rate cuts in 2025, but with the fallout from the US trade tariffs it's now expected that there could be more cuts. What will this mean for Australian borrowers?
Read more…
The RBA has met for the second time this year, deciding to keep the cash rate on hold at 4.10%. Only 2 economists in Finder's RBA panel thought the RBA might cut this month.
Read more…Confused by this RBA thing everyone keeps talking about? Don't worry, we can explain all the key terms for you in under 200 words:
The RBA meets throughout the year to set the cash rate target. Before each meeting Finder surveys over 40 economists and experts and asks them to predict the cash rate decision.
Is Liberty Financial passing on the rate cut? I noticed they’re not on the list.
We haven’t seen an announcement from Liberty about any rate cuts – many of its rates are customised for individual borrowers so that’s not entirely surprising.
I was wondering if you could do an investigation regarding the situation with savings account when rates move. once again, rates have fallen for the first time and a couple of my banks have already done the usual. Mebank have lowered the savjngs rate by 0.25% immediately but they are not changing home loan rates until the 8th of March. they also lowered the rate in November last year by 0.3% even though rates didn’t move! Virgin money have lowered their savings rate by 0.35% straight away. Amp have already lowered their savings rate but have they moved the home loan rate? when rates were going up banks were delaying savings rates changes (or only raising them by small amounts). Amp took 2 months each time to raise rates but instantly lowered them. It would be great to have stories about savers losing out all the time while banks continue to make massive profits. Why do governments go after supermarkets about ripping off customers but banks just get to go on doing it.
Hello Andrew,
This is something we are looking to analyse using rate data. Banks frequently cut savings rates immediately and wait a week or two to lower variable home loan rates. Banks are under no obligation to pass rate cuts on (for home loans or savings accounts) as they can set rates however they like.
These days government figures sometimes exert pressure on banks in the media (urging them to pass cuts on to borrowers, for example). But to my knowledge there’s never been any proposal to push banks to give consumers a better deal through regulation/legislation.
One thing ordinary consumers can do is vote with their feet and move to banks that offer better rates for savers and lower rates for borrowers.