RBA rate cut May 2025: Is your lender passing it on?

The Reserve Bank of Australia (RBA) has cut the cash rate by 25 basis points in May, taking it down from 4.10% to 3.85% p.a.  

Savings.com.au will provide rolling updates below of each lenders' announcements regarding passing on this May 2025 rate cut to variable-rate home loans.

Which banks and lenders will cut variable interest rates?

All cuts below refer to lenders’ responses to the RBA’s rate cut on May 20 2025. 

See also: February 2025 RBA rate cut home loan announcements  

Last updated: 21/05/2025. 

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 May cash rate cut were passed on).

Adelaide Bank interest rate cut (pending)

AMP interest rate cut (pending)

ANZ interest rate cut

Athena interest rate cut

Australian Military Bank interest rate cut (pending)

Australian Mutual 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

Bank of Sydney interest rate cut (pending)

Bank of Us interest rate cut (pending)

Bank First interest rate cut (pending)

BankSA interest rate cut

BankVic interest rate cut

Bankwest interest rate cut

BCU interest rate cut (pending)

Bendigo Bank interest rate cut (pending)

Beyond Bank interest rate cut (pending)

Commonwealth Bank interest rate cut

Credit Union SA interest rate cut (pending)

Defence Bank interest rate cut (pending)

Firstmac interest rate cut (pending)

G&C Mutual Bank interest rate cut (pending)

Gateway Bank interest rate cut (pending)

Goulburn Murray Credit Union interest rate cut (pending)

Great Southern Bank interest rate cut (pending)

Greater Bank interest rate cut

Heritage interest rate cut

Homeloans.com.au interest rate cut

Homestar Finance interest rate cut (pending)

Horizon Bank interest rate cut (pending)

HSBC interest rate cut

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

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

Pepper Money interest rate cut

Police Credit Union interest rate cut (pending)

QBank interest rate cut (pending)

Qudos Bank interest rate cut

RACQ Bank interest rate cut

RAMS interest rate cut (pending)

Reduce Home Loans interest rate cut (pending)

Regional Australia Bank interest rate cut

Resimac interest rate cut

St George interest rate cut

State Custodians interest rate cut (pending)

Summerland Bank interest rate cut (pending)

Suncorp interest rate cut

Teachers Mutual Bank interest rate cut

The Mutual Bank interest rate cut (pending)

Tiimely Home interest rate cut (pending)

Ubank interest rate cut

UniBank interest rate cut

Unloan interest rate cut (pending)

Virgin Money interest rate cut

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 (pending)

ANZ interest rate cut 

• Rate cut: 25 basis points 
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

ANZ home loan rates

Athena interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May 
• Effective date: 20 May
• New lowest advertised variable rate: 
• Other info: “At a time when the cost of living crisis continues to challenge so many Aussies, acting swiftly to bring some relief to home loaners has to be a priority for all lenders – and it certainly is for Athena.” - Nathan Walsh, Co-founder and CEO, Athena Home Loans

Athena home loan rates

Bank Australia interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 21 May
• Effective date: 2 June
• 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: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

Bank of Queensland (BoQ) interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 21 May
• Effective date: 6 June
• New lowest advertised variable rate: 
• Other info:

BankSA interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

BankVic interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

Bankwest interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• 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: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

Commonwealth Bank home loan rates

Greater Bank interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

HSBC interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 21 May
• Effective date: 2 June
• New lowest advertised variable rate: 
• Other info: 

Heritage Bank interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• 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: 20 May
• Effective date: 11 June
• New lowest advertised variable rate: 
• Other info:

ING Bank interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 3 June
• 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: 20 May
• Effective date: 23 May
• New lowest advertised variable rate: 
• Other info: 

Macquarie Bank home loan rates

ME Bank interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 21 May
• Effective date: 7 June
• New lowest advertised variable rate: 
• Other info:

NAB interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

NAB home loan rates

Newcastle Permanent interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

People's Choice interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• 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: 20 May
• Effective date: 5 June
• New lowest advertised variable rate: 
• Other info: 

Qudos Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 29 May
• New lowest advertised variable rate: 
• Other info: 

RACQ Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

Regional Australia Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 4 June
• New lowest advertised variable rate: 
• Other info: 

Resimac Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 11 June
• 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: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

Suncorp Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 20 May
• Effective date: 30 May
• New lowest advertised variable rate: 
• Other info: 

Teachers Mutual Bank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 21 May
• Effective date: 1 June
• New lowest advertised variable rate: 
• Other info: 

Ubank interest rate cut

• Rate cut: 25 basis points
• Applies to: Neat and Flex standard variable rate home loans
• Announcement date: 21 May
• Effective date: 29 May
• New lowest advertised variable rate: 
• Other info: 

UniBank interest rate cut

• Rate cut: 25 basis points
• Applies to: Variable rate home loans
• Announcement date: 21 May
• Effective date: 1 June
• New lowest advertised variable rate: 
• Other info: 

Virgin Money interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 21 May
• Effective date: 6 June
• New lowest advertised variable rate: 
• Other info:

Westpac interest rate cut 

• Rate cut: 25 basis points
• Applies to: Variable-rate home loans
• Announcement date: 20 May
• Effective date: 3 June
• New lowest advertised variable rate: 
• Other info: 

Westpac home loan rates

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