Well... it finally happened.
After more than four years, the RBA cash rate has been cut - this time to 4.10%. It's also the first movement since November 2023.
The cut was widely anticipated, correctly forecast by most economists and market watchers.
However, there was still some hesitation around the call, given underlying inflation is still out of target band, despite the RBA saying it will need to be "sustainably" within target before any cut is made.
Unemployment is still near historic lows, and spending has been elevated off the back of cost-of-living relief by various governments.
In terms of home loan movements, all of the major banks fired first, with Westpac out of the starting gate barely a minute after the RBA made its call at 2.30pm AEDT.
Keep checking back here for a breakdown on what your lender is doing.
Note: This page was last updated 2.40pm AEDT on Friday 21 February.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
28 February |
0.25% |
The cuts also apply to subsidiary Bankwest.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
4 March |
0.25% |
The cuts also apply to subsidiaries BankSA, Bank of Melbourne, and St George.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
28 February |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
28 February |
0.25% |
The cuts will also apply to subsidiary Suncorp.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 February |
28 February or 3 March |
0.25% |
AMP made the unusual decision of delaying the rate cut for existing customers, with a 25 basis point cut taking effect 3 March.
New customers will see lower rates from 28 February.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
18 February |
0.25% |
Non-bank lender Athena was notable in that it dropped its interest rates immediately.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
4 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
19 February |
7 March |
0.25% |
The cuts also apply to subsidiaries ME Bank and Virgin Money.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 February |
7 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
19 February |
4 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
19 February |
10 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
28 February |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
19 February |
4 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
28 February |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
07 March |
0.25% |
NGM Group comprises of Hunter-based customer-owned banks Newcastle Permanent and Greater Bank.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 February |
4 March |
0.25% |
People First Bank comprises of both Heritage Bank and People's Choice after a merger in March 2023.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
19 February |
28 February |
0.25% |
Also applies to subsidiaries UniBank, Firefighters Mutual, and Health Professionals.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 February |
7 March |
0.25% |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
27 February |
0.25% |
Some customers have reported receiving notices from UBank that their rate cut won't be effective until 17 March.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
18 February |
21 February |
0.25% |
Harrison Astbury
Editor and Financial Analyst
Harrison is a Research Analyst and Editor at InfoChoice. He is also the Assistant Editor at sister comparison site Savings.com.au. Together with Dominic Beattie, he co-hosts the Savings Tip Jar podcast, interviewing guests from some of the most prominent financial institutions in Australia.
Prior to joining the InfoChoice Group in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.
