RBA February 2025 rate cut: Banks yet to pass on cuts

A huge number of Australian banks and lenders have yet to pass on the RBA’s historic rates cut. If your bank is on this list then you need to make a call.

Some banks passed on expected interest rate cuts quickly, but others are yet to move.

The big four banks were quick to act following the RBA’s first rate cut in more than four years, but what about the borrowers not with the big four?

A new analysis by Finder has found up to two-thirds of Australian lenders have yet to announce plans to drop their rates.

The 25-basis-point reduction to the official cash rate announced on Tuesday, brought it down to 4.10 per cent from 4.35 per cent.

It was the first rate cut since 2020 and follows 13 consecutive hikes that pushed rates to their highest level since 2011.

MORE: ZERO return: Warning for savers after rate cut

Commonwealth Bank, ANZ, NAB and Westpac quickly announced they would implement the full 25-point reduction.

FULL LIST: Scroll down for every bank who has and hasn’t passed on cuts

Collectively, the big four hold $1.546 trillion in owner-occupied mortgages – or nearly 72 per cent of the market – according to Finder’s analysis of Australian Prudential Regulation Authority (APRA) data.

Australian mortgage holders could save $103 a month if the rate cut is passed on in full by their lender, based on the average home loan of $641,416.

Graham Cooke, head of consumer research at Finder, said Aussie homeowners have a right to be upset if their lender isn’t announcing a cut.

Borrowers will get more buying power with a rate cut. Picture: Tim Hunter.

“Every extra day without a cut leaves many Aussie homeowners with tighter budgets,” he said.

“If your bank isn’t looking out for you when all eyes are on an RBA cut, when will it?”

Cooke said refinancing is the best way to save on your mortgage costs.

“Social media was full of Aussies celebrating their bank announcing a 25-point cut on Tuesday – and it was refreshing to see some lenders announce they will be passing on the full rate cut,” he said.

MORE: Rate cut: Winners and surprise losers

“The reality is you can likely save more than a couple rate cuts by switching to a better deal.

“A reduction of even half a per cent can be the difference of thousands of dollars a year.

“Shop around to find a variable home loan that offers a lower interest rate than your current provider. The very lowest rates now have a ‘5’ in front of them.”

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

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

RACQ Bank

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

Originally published as RBA February 2025 rate cut: Banks yet to pass on cuts