The Reserve Bank of Australia (RBA) has officially cut the cash rate by 25 basis points in February, taking it down from 4.35% to 4.10% p.a.  

Savings.com.au will provide rolling updates below of each lenders' announcements regarding passing on this February 2025 rate cut to variable-rate home loans.

Which banks and lenders will cut variable interest rates?

All cuts below refer to lenders’ responses to the RBA’s rate cut on February 18 2025.

Last updated: 05/03/2025. 

Key notes:

    • P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
    • Basis points explained: 1 basis point = 0.01%
    • New lowest advertised variable rates:  Excludes introductory & honeymoon rates and package rates. Rates are correct at the time of the last update to this page. Lowest rates will only be listed if they are currently available and new (i.e. the rate became that lender’s lowest rate after some or all of the RBA’s February cash rate cut were passed on).

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Adelaide Bank interest rate cut

AMP Bank interest rate cut

ANZ interest rate cut

Athena interest rate cut

Australian Military Bank interest rate cut

Australian Mutual Bank interest rate cut

Australian Unity Bank interest rate cut

Auswide interest rate cut

Bank Australia interest rate cut

Bank First interest rate cut

Bank of Melbourne interest rate cut

Bank of Queensland interest rate cut

Bank of Sydney interest rate cut

Bank of Us interest rate cut

BankSA interest rate cut

BankVic interest rate cut

Bankwest interest rate cut

BCU interest rate cut

Bendigo Bank interest rate cut

Beyond Bank interest rate cut

Commonwealth Bank interest rate cut

Credit Union SA interest rate cut

Defence Bank interest rate cut

Firstmac interest rate cut

G&C Mutual Bank interest rate cut

Gateway Bank interest rate cut

Goulburn Murray Credit Union interest rate cut

Greater Bank interest rate cut

Great Southern Bank interest rate cut

Heritage Bank interest rate cut

Homeloans.com.au interest rate cut

Homestar Finance interest rate cut

Horizon Bank interest rate cut

HSBC interest rate cut

Hume Bank interest rate cut

IMB Bank interest rate cut

ING interest rate cut

loans.com.au interest rate cut

Macquarie Bank interest rate cut

ME Bank interest rate cut

MOVE Bank interest rate cut

MyState Bank interest rate cut

NAB interest rate cut

Newcastle Permanent interest rate cut

P&N Bank interest rate cut

People's Choice interest rate cut

Pepper Money interest rate cut

QBank interest rate cut

Qudos Bank interest rate cut

RACQ Bank interest rate cut

Reduce Home Loans interest rate cut (pending)

Resimac interest rate cut

St George interest rate cut

State custodians interest rate cut

Summerland Bank interest rate cut

Suncorp interest rate cut

Teachers Mutual Bank interest rate cut

The Mutual Bank interest rate cut

Tiimely interest rate cut

Ubank interest rate cut

UniBank interest rate cut

Unloan interest rate cut

Virgin Money interest rate cut

Well home loans interest rate cut (pending)

Westpac interest rate cut

Yard interest rate cut (pending)

Yellow Brick Road interest rate cut

Adelaide Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 24 February
  • Effective date: 7 March
  • New lowest advertised variable rate: 
  • Other info: 

AMP Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February
  • Effective date: 28 February for new customers, 3 March for existing customers
  • New lowest advertised variable rate: 5.93% p.a. (5.96% p.a. comparison rate*)
  • Other info: 

AMP home loan rates

ANZ interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 28 February
  • New lowest advertised variable rate: 6.14% p.a. (6.14% p.a. comparison rate*) Note: Not including ANZ Plus
  • Other info: 

ANZ home loan rates

Athena interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 18 February
  • New lowest advertised variable rate: 5.99% p.a. (5.99% p.a. comparison rate*)
  • Other info: Athena was the first lender to officially drop its rates, the 0.25% cut effective immediately to all variable rate customers.

Athena home loan rates

Australian Unity Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 3 March 
  • New lowest advertised variable rate: 
  • Other info: 

Australian Military Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans including DHOAS:
  • Announcement date: 20 February 
  • Effective date: 4 March 
  • New lowest advertised variable rate: 
  • Other info: 

Australian Mutual Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 27 February 
  • Effective date: 1 March 
  • New lowest advertised variable rate: 5.64% p.a. (5.71% p.a. comparison rate*)
  • Other info: 

Auswide interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 28 February 
  • New lowest advertised variable rate: 5.84% p.a. (5.87% p.a. comparison rate*)
  • Other info: 

Bank Australia interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 5.74% p.a. (5.77% p.a. comparison rate*)
  • Other info: 

Bank Australia home loan rates

Bank First interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 27 February 
  • New lowest advertised variable rate: 5.74% p.a. (5.77% p.a. comparison rate*)
  • Other info: 

Bank of Melbourne interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 6.04% p.a. (6.05% p.a. comparison rate*)
  • Other info: 

Bank of Melbourne home loan rates

Bank of Queensland interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 07 March 
  • New lowest advertised variable rate: 5.93% p.a. (6.08% p.a. comparison rate*)
  • Other info: 

Bank of Queensland home loan rates

BankSA interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 6.04% p.a. (6.05% p.a. comparison rate*)
  • Other info: 

Bank of Sydney interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 12 March 
  • New lowest advertised variable rate: 
  • Other info: 

Bank of Us interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 24 February 
  • Effective date: 1 March
  • New lowest advertised variable rate: 
  • Other info: 

BankVic interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.74% p.a. (5.74% p.a. comparison rate*)
  • Other info: 

Bankwest interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 28 February
  • New lowest advertised variable rate: 5.99% p.a. (6.02% p.a. comparison rate*)
  • Other info: 

Bankwest home loan rates

BCU interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 5 March
  • New lowest advertised variable rate: 
  • Other info: 

Bendigo Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 21 February 
  • Effective date: 7 March
  • New lowest advertised variable rate: 5.84% p.a. (5.97% p.a. comparison rate*)
  • Other info: 

Bendigo Bank home loan rates

Beyond Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.89% p.a. (5.92% p.a. comparison rate*)
  • Other info: 

Commonwealth Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 28 February
  • New lowest advertised variable rate: 5.90% p.a. (6.03% p.a. comparison rate*)
  • Other info: 

Commonwealth Bank home loan rates

Credit Union SA interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 26 February 
  • Effective date: 5 March
  • New lowest advertised variable rate: 
  • Other info: 

Defence Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 27 February
  • New lowest advertised variable rate: 5.84% p.a. (5.84% p.a. comparison rate*) DHOAS
  • Other info: 

Firstmac interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 6.03% p.a. (6.08% p.a. comparison rate*)
  • Other info: 

G&C Mutual Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February
  • Effective date: 01 March 
  • New lowest advertised variable rate: 5.70% p.a. (5.75% p.a. comparison rate*)
  • Other info: 

Gateway Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February
  • Effective date: 25 February 
  • New lowest advertised variable rate: 5.70% p.a. (5.99% p.a. comparison rate*)
  • Other info: 

Goulburn Murray Credit Union interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February
  • Effective date: 25 February 
  • New lowest advertised variable rate: 5.94% p.a. (6.09% p.a. comparison rate*)
  • Other info: 

Greater Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 07 March 
  • New lowest advertised variable rate: 
  • Other info: 

Greater Bank home loan rates

Great Southern Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 04 March 
  • New lowest advertised variable rate: 5.89% p.a. (5.95% p.a. comparison rate*)
  • Other info: 

Great Southern Bank home loan rates

Heritage Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans, 2&3 year fixed rate home loans:
  • Announcement date: 20 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.74% p.a. (5.76% p.a. comparison rate*)
  • Other info: 

Heritage Bank home loan rates

Homeloans.com.au interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 5 March
  • New lowest advertised variable rate: 
  • Other info: 

homeloans.com.au home loan rates

Homestar Finance interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 28 February
  • New lowest advertised variable rate: 
  • Other info: 

Horizon Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 1 March
  • New lowest advertised variable rate: 5.64% p.a. (6.34% p.a. comparison rate*)
  • Other info: 

HSBC interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 10 March
  • New lowest advertised variable rate: 
  • Other info: 

HSBC home loan rates

Hume Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 3 March
  • New lowest advertised variable rate: 5.74% p.a. (5.75% p.a. comparison rate*)
  • Other info: 

IMB interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.79% p.a. (5.82% p.a. comparison rate*)
  • Other info: 

IMB home loan rates

ING interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.89% p.a. (5.92% p.a. comparison rate*)
  • Other info: 

ING home loan rates

loans.com.au interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.79% p.a. (5.83% p.a. comparison rate*)
  • Other info: 

loans.com.au home loan rates

Macquarie Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 28 February 
  • New lowest advertised variable rate: 5.89% p.a. (5.91% p.a. comparison rate*)
  • Other info: 

Macquarie Bank home loan rates

ME Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 8 March 
  • New lowest advertised variable rate: 
  • Other info: 

ME Bank home loan rates

MOVE Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 21 February
  • Effective date: 1 March 
  • New lowest advertised variable rate: 5.69% p.a. (5.74% p.a. comparison rate*)
  • Other info: 

MyState Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February
  • Effective date: 4 March 
  • New lowest advertised variable rate: 5.79% p.a. (5.82% p.a. comparison rate*)
  • Other info: 

NAB interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 28 February 
  • New lowest advertised variable rate: 6.19% p.a. (6.23% p.a. comparison rate*)
  • Other info: 

NAB home loan rates

Newcastle Permanent interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 07 March 
  • New lowest advertised variable rate: 
  • Other info: 

Newcastle Permanent home loan rates

P&N Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February
  • Effective date: 5 March 
  • New lowest advertised variable rate: 
  • Other info: 

People's Choice interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans, 2&3 year fixed rate home loans:
  • Announcement date: 20 February 
  • Effective date: 4 March
  • New lowest advertised variable rate: 5.64% p.a. (5.65% p.a. comparison rate*)
  • Other info: 

Pepper Money interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February
  • Effective date: 5 March 
  • New lowest advertised variable rate: 
  • Other info: 

QBank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 26 February 
  • Effective date: 11 March 
  • New lowest advertised variable rate: 
  • Other info: 

Qudos Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 21 February 
  • Effective date: 27 February 
  • New lowest advertised variable rate: 5.69% p.a. (5.69% p.a. comparison rate*)
  • Other info: 

RACQ Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 20 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 5.64% p.a. (5.65% p.a. comparison rate*)
  • Other info: 

Resimac interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 05 March 
  • New lowest advertised variable rate: 
  • Other info: 

St George interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 6.04% p.a. (6.05% p.a. comparison rate*)
  • Other info: 

St George home loan rates

State custodians interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 05 March 
  • New lowest advertised variable rate: 
  • Other info: 

Summerland Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 21 February 
  • Effective date: 25 February for new customers, 4 March for existing customers 
  • New lowest advertised variable rate: 5.74% p.a. (5.79% p.a.
  • Other info: 

Suncorp interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 28 February
  • New lowest advertised variable rate: 5.88% p.a. (5.89% p.a. comparison rate*)
  • Other info: 

Suncorp home loan rates

Teachers Mutual Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 19 February 
  • Effective date: 28 February 
  • New lowest advertised variable rate: 5.74% p.a. (5.76% p.a. comparison rate*)
  • Other info: This means Firefighters Mutual Bank, Health Professionals Bank, and UniBank will also be dropping rates on 28 February.

The Mutual Bank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 04 March 
  • New lowest advertised variable rate: 5.69% p.a. (5.69% p.a. comparison rate*)
  • Other info: 

Tiimely interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 21 February 
  • Effective date: 07 March 
  • New lowest advertised variable rate: 
  • Other info: 

Virgin Money interest rate cut

BOQ owned Virgin Money has controversially announced it will not be passing on the rate cut to home loan customers. Read more here

Ubank interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 27 February
  • New lowest advertised variable rate: 5.84% p.a. (5.86% p.a. comparison rate*)
  • Other info: Some UBank customers have been informed their rate will not drop until 17 March.

UBank home loan rates

Unloan interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 21 February
  • New lowest advertised variable rate: 5.74% p.a. (5.65% p.a. comparison rate*)
  • Other info: 

Unloan home loan rates

Westpac interest rate cut

  • Rate cut: 25 basis points
  • Applies to: Variable-rate home loans:
  • Announcement date: 18 February 
  • Effective date: 4 March 
  • New lowest advertised variable rate: 6.19% p.a. (6.20% p.a. comparison rate*)
  • Other info: 

Westpac home loan rates

    Yellow Brick Road interest rate cut

    • Rate cut: 25 basis points
    • Applies to: Variable-rate home loans:
    • Announcement date: 18 February 
    • Effective date: 28 February 
    • New lowest advertised variable rate: 
    • Other info: 

      First published on February 2025



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