All major banks have finally passed on RBA cut – but fall short of Greater Bank, BOQ and dozens more

By Jasmine Gearie · · 2 min read
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NAB and Westpac are the last of the major banks to finally lower their variable rate home loans this week, two weeks on from the Reserve Bank’s decision to cut the cash rate by 0.25%.

While ANZ, CommBank, NAB and Westpac have each reduced variable rates by 25 basis points, so too have dozens of competitors – and in many cases their rates are even lower than the Big Four.

Where the major banks have landed – and how you can get better

More August cuts have officially come through this week, so here’s a look at the lowest variable rates from the major banks with a loan-to-value ratio of 80% or less†:

  • 5.39% p.a. (5.52% p.a. comparison rate*) | CommBank Digi Home Loan
  • 5.44% p.a. (5.45% p.a. comparison rate*) | Westpac Special Online Refinance Offer Flexi First Option
  • 5.69% p.a. (5.73% p.a. comparison rate*) | NAB Base Variable Rate Home Loan
  • 5.79% p.a. (5.80% p.a. comparison rate*) | ANZ Simplicity Plus Special Offer

But several other banks and online-only lenders have shifted their rates too, and better offers are available for those that compare more home loans and shop around.

Greater Bank sliced 25 basis points off its variable home loans on 26 August, and it now has one of the lowest variable rates† in the Mozo database at 5.24% p.a. (5.25% p.a. comparison rate*).

Greater is also offering up to $3,000 cashback when you apply for a new loan or refinance with the lender – you can learn more in our guide to home loan refinance cashback offers. 

Bank of Queensland, IMB Bank and Virgin Money are some of the other providers that have moved variable rates this week, while others such as ME Bank have scheduled a 0.25% cut over the weekend on 30 August.

Here are some of the top moves of the week and where their rates have landed:

  • 5.24% p.a. (5.25% p.a. comparison rate*) | Greater Bank Discount Great Rate Home Loan
  • 5.29% p.a. (5.32% p.a. comparison rate*) | IMB Bank Budget Home Loan
  • 5.29% p.a. (5.33% p.a. comparison rate*) | Loans.com.au Variable Home Loan 90
  • 5.29% p.a. (5.31% p.a. comparison rate*) | Virgin Money Lite Variable Home Loan
  • 5.38% p.a. (5.51% p.a. comparison rate*) | Bank of Queensland Economy Variable Home Loan

If you’re looking for a better deal on your mortgage, now could be a great time to assess your rate and look at home loan refinance rates. You can also use our home loan comparison calculator to get a clear idea of how much you could save by switching.

† Source: Mozo database on 29 August, 2025. Home loan variable interest rates for owner occupiers with a 20% deposit (80% LVR), making principal and interest repayments on a $500,000 loan over 25 years.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 6 results from 380 home loans. Use the filters to see more

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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