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:

• Adelaide Bank (rate cut passed on 7th March)
• AMP Bank (rate cut passed on 28th February for new customers and 3rd March for existing customers)
• ANZ (rate cut passed on 28th February)
• Athena (rate cut passed on 18th February)
• Australian Unity (rate cut passed on 3rd March)
• 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 of Sydney (rate cut passed on 12th 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)
• BCU (rate passed on 5th March)
• Beyond Bank (Rate passed on 4th March)
• Bendigo Bank (rate passed on 7th March)
• Commonwealth Bank of Australia (rate cut passed on 28th February)
• Defence Bank (rate cut passed on 27th February)
• Firstmac (rate cut passed on 4th March)
• G&C Mutual Bank (rate cut passed on 1st March)
• Gateway Bank (rate cut passed on 25th February)
• Greater Bank  (rate cut passed on 7th March)
• Great Southern Bank (rate cut passed on 4th March)
• Heritage Bank (rate cut passed on 4th March)
• Homeloans.com.au  (rate cut passed on 5th March)
• Homestar Finance (rate cut passed on 28th February)
• Horizon Bank (rate cut passed on 1st March)
• HSBC  (rate cut passed on 10th March)
• IMB (rate cut passed on 4th 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)\
• ME Bank (rate cut passed on 8th March)
• MyState Bank (rate cut passed on 4th March)
• NAB (rate cut passed on 28th February)
• Newcastle Permanent  (rate cut passed on 7th March)
• Pepper Money (rate cut passed on 5th March)
• People's Choice (rate cut passed on 4th March)
• P&N Bank (rate cut passed on 5th March)
• Qudos Bank (rate cut passed on 27th February)
• RACQ Bank (rate cut passed on 4th 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)
• Tiimely (rate cut passed on 7th March(
• Ubank (rate cut passed on 27th February)
• 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:

• Australian Military Bank
• Citi
• Credit Union SA
• Hume Bank
• MOVE Bank
• Police Credit Union
• QBank
• Reduce Home Loans
• Virgin Money
• Well home loans
• Wlth
• Yard