Well, that was a nervous almost-hour, but we’ve just had one of the big four pass on the rate cut, with Commonwealth Bank announcing it will reduce its variable home loan interest rates by 0.25 per cent, effective August 22.

“With now three rate cuts this year, Australian borrowers are getting some breathing room back in their budgets,” CBA retail group executive Angus Sullivan said.

“It will be very welcome for those with a home loan.”

While welcome news for CBA borrowers, that August 22 start date is a whole week later than when Macquarie Bank’s lower rates will come into effect.

”When the RBA last cut the cash rate in May, we proved that the savings could be passed on to homeowners in just three days, instead of the industry average of 12 days,” Macquarie’s head of personal banking, Ben Perham, said earlier today.

“We were the fastest of the major banks and homeowners loved it, so we’re doing it again.”