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.

Note: This page was last updated at 9pm Australian Eastern Daylight Time. It will be updated again from 9am Wednesday 19th.

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: 18/02/2025. 

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 November cash rate cut were passed on).

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AMP interest rate cut (pending)

ANZ interest rate cut

Athena interest rate cut

Australian Military Bank interest rate cut (pending)

Australian Unity interest rate cut (pending)

Auswide Bank interest rate cut (pending)

Bank Australia interest rate cut

Bank of Melbourne interest rate cut

Bank of Queensland (BOQ) interest rate cut (pending)

Bank of Sydney interest rate cut (pending)

Bank First interest rate cut (pending)

BankSA interest rate cut

BankVic interest rate cut (pending)

Bankwest interest rate cut

BCU interest rate cut (pending)

Bendigo Bank interest rate cut (pending)

Beyond Bank interest rate cut (pending)

Citi interest rate cut (pending)

Commonwealth Bank interest rate cut

Credit Union SA interest rate cut (pending)

Defence Bank interest rate cut

G&C Mutual Bank interest rate cut (pending)

Gateway Bank interest rate cut (pending)

Great Southern Bank interest rate cut (pending)

Greater Bank interest rate cut

Heritage Bank interest rate cut (pending)

Homeloans.com.au interest rate cut

Homestar Finance interest rate cut (pending)

Horizon Bank interest rate cut (pending)

HSBC interest rate cut (pending)

Hume Bank interest rate cut (pending)

IMB Bank interest rate cut (pending)

ING interest rate cut

Loans.com.au interest rate cut (pending)

Macquarie Bank interest rate cut

ME Bank interest rate cut (pending)

MOVE Bank interest rate cut (pending)

MyState Bank interest rate cut (pending)

NAB interest rate cut

Newcastle Permanent interest rate cut

P&N Bank interest rate cut (pending)

People's Choice interest rate cut (pending)

Pepper Money interest rate cut

Police Credit Union interest rate cut (pending)

QBank interest rate cut (pending)

Qudos Bank interest rate cut (pending)

RACQ Bank interest rate cut (pending)

Reduce Home Loans interest rate cut (pending)

Resimac interest rate cut

St George interest rate cut

State custodians interest rate cut

Suncorp interest rate cut

Teachers Mutual Bank interest rate cut (pending)

The Mutual Bank interest rate cut

Tiimely Home interest rate cut (pending)

Ubank interest rate cut

UniBank interest rate cut (pending)

Unloan interest rate cut

Virgin Money interest rate cut (pending)

Well home loans interest rate cut (pending)

Westpac interest rate cut

Wlth interest rate cut (pending)

Yard interest rate cut (pending)

Yellow Brick Road interest rate cut

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: 
  • Other info: 

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.

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: 
  • 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: 
  • Other info: 

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: 
  • 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: 
  • 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: 
  • 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: 
  • 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: 

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: 

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: 
  • Other info: 

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: 
  • 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: 
  • Other info: 

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: 

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: 

Resimac 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: 
  • 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: 
  • Other info: 

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: 

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: 
  • Other info: 

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: 
  • Other info: 

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: 
  • Other info: 

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: 
  • Other info: 

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: 
  • Other info: 

    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: 


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