RBA February 2025 rate cut

The major banks were swift to respond after the Reserve Bank of Australia (RBA) announced its first rate cut in over four years, but what about borrowers with smaller lenders?

According to a new analysis by Finder, as many as two-thirds of Australian lenders have yet to confirm whether they will lower their rates.

Tuesday’s 25-basis-point cut reduced the official cash rate from 4.35% to 4.10%, marking the first decrease since 2020. This decision comes after 13 consecutive rate hikes, which had driven interest rates to their highest levels since 2011.

Finder’s analysis of Australian Prudential Regulation Authority (APRA) data reveals that the big four banks collectively hold $1.546 trillion in owner-occupied mortgages, accounting for nearly 72% of the market.

For mortgage holders, a full pass-through of the rate cut could result in savings of around $103 per month based on the average Australian home loan of $641,416.

Banks who have passed on the cut so far

NAB- New lowest rate 6.19%- Effective 28 February

CommBank- 5.90%- 28 February

ANZ- 5.84%- 28 February

Westpac- 6.19%- 4 March

AMP- 5.89%- 28 February

Athena-5.99%- 18 February

Aussie Home Loans- 5.93%- 7 March

Auswide Bank-5.74%- 28 February

Australian Military Bank- 6.18%- 4 March

Australian Mutual Bank- 5.44%- 1 March

Australian Unity- 5.78%- 1 March

Bank Australia- 5.13% (Clean Energy Home Loan only)- 4 March

Bank First- 5.84%- 27 February

Bank of Melbourne- 6.04%- 4 March

Bank of Queensland- 5.93%- 7 March

BankSA- 6.04%- 4 March

BankVic- 5.74%- 4 March

Bankwest- 6.04%- 28 February

Bendigo Bank- 5.84%- 7 March

Beyond Bank- 5.89%- 4 March

Defence Bank- 6.34%- 27 February

Firefighters Mutual Bank- 5.74%- 28 February

Firstmac- 5.89%- 4 March

GMCU- 5.94%- 1 March

Great Southern Bank- 5.89%- 4 March

Greater Bank- 5.74%- 7 March

G&C Mutual Bank- 5.70%- 1 March

Homeloans.com.au- 6.14%- 5 March

Homestar- 5.74%- 4 March

HSBC- 5.74%- 10 March

Hume Bank- 5.74%- 3 March

IMB- 5.79%- 4 March

ING- 5.89%- 4 March

loans.com.au- 5.74%- 4 March

Macquarie Bank- 5.89%- 28 February

ME Bank- 5.88%- 8 March

MyState Bank- 5.79%- 4 March

Newcastle Permanent- 5.74%- 7 March

Pepper Money- 6.59%- 5 March

RACQ Bank- 5.64% – 4 March

Resi- 5.89%- 28 February

Resimac- 6.14%- 5 March

St. George- 6.04%- 4 March

Suncorp- 5.57%- 28 February

Teachers Mutual Bank- 5.74%- 28 February

The Mutual- 5.64%- 4 March

Transport Mutual- 6.69%- 21 February

Ubank- 5.84%- 27 February

Unibank- 5.74%- 28 February

Unloan- 5.74%- 21 February

Yard Home Loans- 5.89%- 7 March

Yellow Brick Road- 7.39%- 28 February

Banks who have not yet passed on cuts

Heritage Bank

FreedomLend

Broken Hill Bank

Adelaide Bank

First Option Bank

Liberty Financial

Well Money

Unity Bank

MOVE Bank

Virgin Money

NRMA Insurance Home Loan

Summerland Bank

Reduce

Sucasa

Border Bank

Southern Cross Credit Union

Coastline Credit Union

Up Home Loan

La Trobe

Credit Union SA

Police Bank

Community First Bank

Pacific Mortgage Group

Illawarra Credit Union

Horizon Bank

Qudos Bank

People’s Choice Credit Union

Geelong Bank

BankWAW

Warwick Credit Union

The Mac

Arab Bank Australia

Regional Australia Bank

Queensland Country Bank

Cairns Bank

Bank of China

Qantas Money

Mortgage House

Tiimely Home

Household Capital

Macquarie Credit Union

Easy Street

MacArthur Credit Union

Bank of us

The Capricornian

Laboratories Credit Union

Fire Service Credit Union

QBank

Woolworths Team Bank

NICU

Dnister

Central Murray Credit Union

Bank Orange

Police Credit Union

South West Slopes Bank

Central West Credit Union

Family First Credit Union