The major banks moved quickly to announce their latest interest rate cuts, but home owners will wait weeks for any benefit.
National Australia Bank and Commonwealth Bank will pass on in full the Reserve Bank of Australia's 25 basis point cut, while Westpac went harder, taking 28 basis points from its standard variable mortgage rate.
ANZ will make its decision when it holds its monthly rate meeting on Friday.
Westpac's move will take its standard variable rate to 5.98 per cent, still behind NAB's 5.88 per cent and Commonwealth's 5.9 per cent.
But Westpac's cut does not come into effect until August 19, while NAB's is effective from August 12, and Commonwealth's comes in on August 14.
Commonwealth and NAB have also reduced variable rates on their business loans.
Jason Yetton, the head of retail and business banking at Westpac, said the decision for the oversized rate cut would support homeowners and prospective home buyers.
"The latest consumer surveys have shown that confidence is the key to our customers wellbeing and we believe that what we have announced today will help support growth in the housing sector as well as improve the faith in Australia's economic outlook," he said.
Commonwealth's head of retail banking Matt Comyn said the bank's decision took into account both domestic and offshore factors.
Other lenders to announce 25 basis point rate cuts included St George, which is owned by Westpac, Bank of Queensland and ING Direct.
