Many analysts and pundits were left with egg on their faces after the RBA surprisingly left the cash rate on hold in July.
The message was clear: The RBA is waiting for more direction.
Well, now they have it; Q2 inflation numbers showed further moderation, and there's been a slight loosening in the labour market.
GDP figures also paint a relatively grey picture of Australia's economy, while retail trade figures showed Aussies are not feeling any more confident to load up their trolleys despite two rate cuts already.
Now the third rate cut of 2025 is here, collectively putting about $300 a month back in the pockets of the average mortgage holder (6% p.a. interest rate, $660,000 mortgage over 30 years).
Read what happened to home loans after May's cut.
Read what happened to home loans after February's cut.
Here are some of the most prominent banks' moves. Last changes 14 August at 5pm.
Commonwealth Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 22 Aug | 25bps |
The cuts also apply to subsidiary Bankwest.
CBA was the first of the majors to announce a move.
Westpac home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 26 Aug | 25bps |
“We’re seeing customers use the extra breathing room in a variety of ways – from paying down their loans faster to building up savings buffers or covering everyday expenses,” said Carolyn McCann, the newly-appointed chief executive consumer.
The cuts also likely apply to subsidiaries BankSA, Bank of Melbourne, and St George,
ANZ home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 22 Aug | 25bps |
The cuts will also likely apply to subsidiary Suncorp.
However this merely undoes a rate hike in early August on ANZ Plus home loans; its chief variable rate was increased by 16 basis points to 5.75% p.a. (5.76% p.a. comparison rate*).
A 25bps cut only delivers 9 basis points' worth of savings with this taken into account.
NAB home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 25 Aug | 25bps |
AMP home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 13 Aug | 25 Aug | 25bps |
Athena home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 12 Aug | 25bps |
Athena continued its run of passing on the rate-cut in full on the same day as the announcement.
"A quick note to confirm that true to form Athena has already passed on today's RBA 25bps rate cut - in full - to all new and existing variable rate customers. And it only took us 32 seconds," the lender said.
Bank Australia home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 21 Aug | 25bps |
Bank of Queensland (BOQ) loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 13 Aug | 29 Aug | 25bps |
ME Bank and Virgin Money home loan customers face the same fate, though with the former not making this effective until the 30th.
Bendigo Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 13 Aug | 27 Aug | 25bps |
Great Southern Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 14 Aug | 26 Aug | 25bps |
HSBC home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 13 Aug | 25 Aug | 25bps |
ING home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 26 Aug | 25bps |
loans.com.au home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| Existing variable-rate customers | 12 Aug | 26 Aug | 25bps |
Macquarie Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 15 Aug | 25bps |
Macquarie was another fast mover and effecter, continuing on its tradition from previous rate cuts.
Newcastle Greater Mutual home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| Existing variable-rate customers | 12 Aug | 26 Aug | 25bps |
NGM Group comprises of Hunter-based customer-owned banks Newcastle Permanent and Greater Bank.
The rate update so far applies only to existing customers, rather than new.
People First Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| Existing variable-rate customers | 13 Aug | 26 Aug | 25bps |
People First Bank comprises of both Heritage Bank and People's Choice after a merger in March 2023.
It made the distinct decision to announce a rate cut only for existing customers - not new.
Teachers Mutual Bank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 13 Aug | 21 Aug | 25bps |
Also applies to subsidiaries UniBank, Firefighters Mutual, and Health Professionals.
UBank home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 21 Aug | 25bps |
Unloan home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 12 Aug | 12 Aug | 25bps |
Unloan continued its tradition of passing on the RBA rate cut in-full and immediately.
Up home loan rate cuts
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | 14 Aug | 1 Sep | 25bps |
Earlier in the month, Up Bank also announced an out-of-cycle 5bps rate cut to new and existing variable rates. This reverses a decision to hike by the same margin in November 2024.
As it stands Up has one of the latest effective dates, and comes five full days after its parent bank Bendigo makes its cuts effective.
Tiimely Home home loan rate cuts - pending
| Who's Affected | Date Announced | Date Applies | Rate Cut |
| New & existing variable-rate customers | TBA | TBA | TBA |
