The Reserve Bank of Australia delivered Australian homeowners an early Christmas present today, cutting the official cash rate by 0.25% to 3.00%, the lowest it's been since September 2009.

The rate cut was widely predicted and Governor Glenn Stevens said in his statement that over the past year monetary policy has become more accommodative and that a further easing was appropriate as it will help to foster sustainable growth in demand and inflation outcomes consistent with the target over time.

Will the banks play Christmas Scrooge?

Homeowners should be cautious not to get too carried away with early festive celebrations, as analysis by the Mozo Rate Chasers shows that the banks are unlikely to pass on the full 0.25% basis points this month. In fact, our research indicates that since the current rate cutting cycle began in November 2011, the Big 4 banks have only passed on 77% of the Reserve Bank interest rate cuts.

The Big Four are not the only culprits. Other banks and non lenders have passed on just 75% of the RBA's cuts, although their home loan rates continue to be cheaper on average than those offered by the big banks.

Who will make it onto Mozo's Christmas list this year by passing on the full rate cut? We'll be keeping track of the rates announcements of all major lenders and banks so check back here daily to find out which banks have been naughty or nice.

Give yourself an even bigger rate cut.

If you're sick of your bank dragging its heels over miserly fraction of a percent, now is the time to switch lenders. There are far greater savings out there to be had and we've done the shop-around to prove it. Mozo recently ran a mystery shop of all four Big Banks to find out what was really on offer for an average $330,000 home loan. All the banks dropped rates, by an average of 0.75%. That represents savings of over $1,800 a year - or $45,000 over the life of the loan. Check out our free home loan negotiator service - we'll negotiate on your behalf with major lenders to get you a better deal.

5 Lowest Variable Rate home loans:

• loans.com.au Blackboard Special: 5.42%
• UBank UHomeLoan - Refinance only: 5.27%
• Bloom Rate Saver Home Loan: 5.50%
• My Mortgage Freedom Low Rate (LVR 75-90%): 5.53%
• iMortgage ProPack: 5.54%

5 Lowest 1 year Fixed Rate Home Loans:

• Greater Building Society Fixed Rate Home Loan (Ultimate Home Loan Package): 4.99%
• UBank UHomeLoan - Refinance only: 5.03%
• iMortgage ProPack Fixed: 5.14%
• eMoney Full Doc Fixed: 5.14%
• Mortgage House Advantage Home Loan: 5.19%

Tis not the savings season

Unfortunately the rate cutting cycle is not good news for savers. Already at call savings rates are being slashed and what we have seen recently is that it's the most competitive players (UBank, ING, RAMS) that have cut rates the most.

Right now that top savings rate is for the Citibank Online Saver at 5.35% and this is only a 4 month introductory rate. Other top high interest savings rates include: RAMS Saver 5.15% ($200 monthly deposit requirement), Rabo Direct High Interest Savings 5.11% (4 month intro rate), ING Direct Savings Maximiser 5.10% (4 month welcome rate).

Time to get proactive out there savers. To get the top rates shop around and don't be afraid to switch if you're not getting the best return. Compare all savings accounts on the market now.