A second tier has beaten major banks to the punch, announcing cuts to its variable rates.
ING Direct has announced it will pass along 20bps of the RBA's 25bp cash rate cut. The move will bring the lender's Mortgage Simplifier variable rate loan to 6.22%.
Bank of Queensland was the first lender to announce cuts, also dropping its rates by 20bps. The cut saw the bank reduce its standard variable rate to 6.91%.
ANZ is expected to be the first of the big four to announce rate cuts when it meets this afternoon.