Which banks have cut home loan interest rates so far?

By Niko Iliakis · · 4 min read
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On Tuesday, the Reserve Bank decided to decrease the cash rate once more, bringing it down to a record low 1.00%. Since then, attention has turned to banks and lenders to see how much of the cut will flow through to home loan customers. 

And while they haven’t been as proactive as they were following June’s RBA cut, we’ve still seen plenty of action. 22 lenders have made moves since Tuesday, with eight opting to pass on the full cut. 

Smaller lenders shine

First out the gate were online lenders Athena and Homestar. Given that many non-bank lenders compete on rate, there was an expectation that these two would continue their cut streak in the lead-up to Tuesday’s decision, and they didn’t disappoint. Both passed on the full 0.25% cut to home loan customers without delay.

Athena’s variable rate home loan now sits at 3.09% p.a. (3.05% comparison rate*), while rates for Homestar’s Star Essentials Home Loan start at a super low 2.99% p.a. (2.99% p.a. comparison rate*).

ANZ saves face, passes on full cut

Among the Big 4 banks, only ANZ passed on the full cut, likely looking to restore a bit of goodwill after the blowback it received for withholding so much last time.

The reductions will come into effect 12 July, and will apply to both home and investment loans. Owner occupiers paying principal and interest will soon be looking at variable rates in the range of 4.93% p.a. (5.23% p.a. comparison rate*).

As for the rest of the major banks, they didn’t give us much reason to celebrate. NAB and Commonwealth Bank passed on only 0.19%, while Westpac reduced rates by 0.20% for owner occupiers and 0.30% for investors making interest only repayments.

On the decision, Westpac Chief Executive, David Lindberg said, “It’s critical that we continue to carefully manage our business in a sustainable way for the longer term and take into account the diverse needs of all our stakeholders.”  

Who else has made a move?

Along with ANZ, Athena and Homestar, there are a handful of lenders that have passed on the full cut to variable home loan customers. As of writing, these are:

Amount cutAmount cut in June
ANZ-0.25%-0.18%
Athena-0.25%-0.25%
Firstmac-0.25%-0.20%
Greater Bank-0.25%-0.25%
Homestar-0.25%-0.25%
loans.com.au-0.25%-0.20%
Newcastle Permanent-0.25%-0.25%
State Custodians-0.25%-0.18%

The lenders that have made reductions short of the full cut are much more numerous. As of writing, they are:


Amount cutAmount cut in June
Aussie-0.20%-0.25%
Bank of Melbourne-0.20%-0.20%
BankSA-0.20%-0.20%
Bankwest-0.19%-0.25%
Commonwealth Bank-0.19%-0.25%
ING-0.20%-0.25%
Macquarie-0.20%-0.25%
ME Bank-0.15%-0.25%
NAB-0.19%-0.25%
Reduce Home Loans-0.20%-0.25%
RAMS-0.20%-0.20%
St George-0.20%-0.20%
Suncorp-0.19%-0.20%
Westpac-0.20%-0.20%

For a more up-to-date look, make sure to check in with our Naughty or Nice table, which we’ll be updating each time we get news of key lenders’ decisions.

And if your lender has been slow to make a move, or has withheld more of the cut than you’re comfortable with, you’ll be glad to hear there are plenty of appealing options on the market right now. Below is a selection, but if you’re after more, be sure to visit our variable rate home loan comparison page.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
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)

  • 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 5 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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