The Reserve Bank of Australia (RBA) has officially cut the cash rate by 0.25% - bringing it down from 4.35% to 4.10%

And this is the first rate cut since November 2020 - which is very good news for homeowners.

Here’s the catch: banks and lenders aren’t legally required to pass on the rate cut. They could pocket the extra change like a sneaky mate who “forgets” to split the bill. The good news is that all the major banks have agreed to pass on the full reduction. 

We’ve rounded up the details on which lenders are following through, how quickly they’re passing on the savings, and whether you’ll see some relief in your mortgage repayments soon.

Banks who have already announced they’ll be passing on the reduction:

• ANZ (rate cut passed on 28th February)
• Athena (rate cut passed on 18th February)
• Auswide (rate cut passed on 28th February)
• Bank Australia (rate cut passed on 4th March)
• Bank of Melbourne (rate cut passed on 4th March)
• Bank of Queensland (rate cut passed on 7th March)
• Bank First (rate cut passed on 27th February)
• BankSA (rate cut passed on 4th March)
• BankVic (rate cut passed on 4th March)
• Bankwest (rate cut passed on 28th February)
• Commonwealth Bank of Australia (rate cut passed on 28th February)
• Defence Bank (rate cut passed on 27th February)
• Gateway Bank (rate cut passed on 25th February)
• Greater Bank  (rate cut passed on 7th March)
• Homeloans.com.au  (rate cut passed on 5th March)
• HSBC  (rate cut passed on 10th March)
• ING  (rate cut passed on 4th March)
• loans.com.au  (rate cut passed on 4th March)
• Macquarie Bank (rate cut passed on 28th February)
• NAB  (rate cut passed on 28th February)
• Newcastle Permanent  (rate cut passed on 7th March)
• Pepper Money (rate cut passed on 5th March)
• Resimac (rate cut passed on 4th March)
• St George (rate cut passed on 4th March)
• State custodians (rate cut passed on 5th March)
• Suncorp  (rate cut passed on 28th February)
• Teachers Mutual Bank (rate cut passed on 28th February)
• The Mutual Bank (rate cut passed on 4th March)
• Ubank (rate cut passed on 27th February)
• Unibank
• Unloan (rate cut passed on 21st February)
• Westpac (rate cut passed on 4th March)
• Yellow Brick Road (rate cut passed on 28th February)

Banks who haven’t yet announced they’ll be passing on the reduction:

• AMP
• Australian Military Bank
• Australian Unity
• Bank of Sydney
• BCU
• Bendigo Bank
• Beyond Bank
• Citi
• Credit Union SA
• G&C Mutual Bank
• Great Southern Bank
• Heritage Bank
• Homestar Finance
• Horizon Bank
• Hume Bank
• IMB Bank
• ME Bank
• MOVE Bank
• MyState Bank
• P&N Bank
• People’s Choice
• Police Credit Union
• QBank
• Qudos Bank
• RACQ Bank
• Reduce Home Loans
• Tiimely Home
• Virgin Money
• Well home loans
• Wlth
• Yard