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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