Shame List: 72 Australian Bank refuses to cut RBA tax rates in May 2025

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A bank played the role of villain when it refused to pay much-needed interest rate cuts to its clients in February. But on Tuesday, Virgin Fund changed its tune, announcing it would be lowered in full by listing May tax rates.

If not cut by any of the 25 basis points by all or the central bank, Virgin Money and Boqs customers will distribute 0.5% of their bank interest, rather than those banks following the majority of the other 110 lenders on the website, and pass the savings in full.

But the Queensland Bank, which owns Virgin Money and Boqs, soon confirmed that both lenders will go all out with Queensland Bank itself and other subsidiary ME Bank. A media spokesperson said BOQ Commercial Bank will also pass the cuts.

This means Virgin Money avoids the fearful list of “shaming” banks shuffled as they cut through RBA.

See the May list that has not been passed below

More:15 lenders lower interest rates before RBA meeting

The average loan on average Australian loans exceeds $600,000, and a 0.25% reduction in a single tax saves about $1,200 a year. Cutting the double tax rate will save $2,400.

These savings have increased significantly by a large amount of Australians with higher than average mortgage balances.

Back in February, a media representative for the Queensland Bank, which owns Virgin Money and Boqs, told me that while Boq and Me Bank are passing rates in full, the lenders of the two subsidiaries are not because their products are “aligned with the market” and were previously cheaper than the market.

Considering the Virgin Money’s best variability rate is 6.44%, it made me wonder until Tuesday’s decision was higher than all of the 111 lenders in Finder Radar.

I’m not sure which market they were referring to at the time.

Their clients agree to vent their social media pages.

“Currently, a new deal is negotiated with another bank. You will lose your home loan and credit card with us because of greed,” Kelly Schuppe said at the time.

I contacted them again this time and asked if they would consider passing. No responses so far, but it would be interesting to see how they prove it if they plan to not cut it again.

Graham Cooke, head of consumer research at Finder, said there are likely not as many lenders to lower the next lower tax rate.

“Historically, banks have not always lowered the Reserve Bank of Australia’s cuts in full, especially during periods of squeezing profit margins,” Cook said.

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“But especially with recent tax cuts, major banks typically reduce social pressure across the entire 25 basis point cut to their variable home loan clients, often driven by public pressure and competition.”

Indeed, NAB wasted time and announced at 2.31pm that it would cut all by 0.25% as of Friday, May 30. CBA, ANZ and WESTPAC quickly followed suit, and everyone passed completely.

“The competitive landscape between lenders plays a big role. If a major bank passes in full, others are often forced to do so to avoid losing customers,” Cook said.

“Even if your current lender can’t pass all the cuts, the competitive environment means there may be better deals elsewhere. This is crucial for homeowners looking to maximize their savings to refinance.

“Reducing even half of the people can be the difference of thousands of dollars a year.

“Shop around and look for variable home loans with lower interest rates than your current provider. Now the lowest interest rate is in front of them.”

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With that in mind, here is a complete list of Finder’s books and their lenders for the best variability rates.

We will update every day with new fees from banks, which do pass the cuts.

Cut banks, new best interest rate (%), effective date

anz: 5.59-30

Commbank: 5.59-30

NAB: 5.94-30

Westpac: 5.59-June 3

Amplifier: 5.64-June 2

Athena: 5.74-May 20

Common Bank of Australia: May 19-June 1

Bank of Australia: 5.63-June 2

Bank of Melbourne: 5.79-June 3

Banksa: 5.79-June 3

Bank: 5.48-June 3

BankWest: 5.69-30 May

Bendigo Bank: 5.64-June 6

Boq: 5.63-6 ones

Firefighters Common Bank: 5.49-June 1

Big Bank: 5.49-30 May 30

Great South Bank: 5.64-June 3

Heritage Bank: 5.49-May 30

Homer: 5.89-June 11

Homestar Finance: 5.49-June 16

HSBC: 5.49-June 2

ING: 5.64-June 3

Macquarie Bank: 5.64-May 23

Me: May 63-June 7

Newcastle Permanent: 5.49-May 30

People choose credit union: May 39-May 30

Pepper Money: 6.04-June 5

Qudos Bank: 5.44-May 29

RACQ Bank: 5.39-June 3

RESIMAC Financial Services: 5.89-June 11

Nanmao Credit Union: May 73-June 1

St. George: 5.79-June 3

Suncorp: 5.65-May 30

Teachers’ Common Bank: 5.49-June 1

Common Bank: 5.49-TBC

Ubank: 5.59-29/29

Uniun: 5.49-June 1

Unloan: 5.49-20/20

Virgin Currency: June 19-June 6

List of shame: Banks that have not been cut

Bank of Adelaide: 6.04

Arab Bank of Australia: 5.7

Australia: 5.89

Australian Military Bank: 5.89

Australian Solidarity: 5.79

Bank of Australia: 5.84

Bank No. 1: 5.74

Bank of China: 5.68

Bank of Sydney: 5.79

Bank of America: 5.89

Orange Bank: 5.69

Balkwaw: 5.54

BCU: 5.74

Beyond the Bank: 5.89

Bluestone: 6.79

Border Bank: 5.59

Poshan Bank: 6.64

Keynes Bank: 5.99

Central Murray Credit Union: 6.99

Midwest Credit Union: 6.04

Coastline Credit Union: 6.69

Community No. 1 Bank: 5.74

Credit Union to: 5.74

National Defense Bank: 5.84

Dnister: 5.79

Easy Street: 5.84

Family First Credit Union: 5.7

Fire Credit Alliance: 5.84

First option bank: 5.74

FirstMac: 6.03

Free loan: 5.9

G&C Common Bank: 5.74

Gateway Banking: 5.7

Geelong Bank: 5.89

Goulburn Murray Credit Union: 5.94

Horizon Bank: 5.64

Houe Ume Bank: 5.74

Illawarra Credit Union: 5.74

IMB: 5.79

Small trobe: 6.54

Laboratory Credit Union: 5.95

Free Finance: 6.24

loans.com.au: 5.74

Mortgage: 5.64

Mobile Banking: 5.69

Mysterious Bank: 5.79

NICU: 5.74

NRMA Insurance Home Loan: 5.78

P&N Bank: 5.88

Pacific Mortgage Group: 5.64

Police Bank: 5.59

Police Credit Union: 5.74

Qantas Money: 5.93

Qbank: 5.74

Queensland National Bank: 5.74

Reduction: 5.74

Australia Regional Bank: 5.69

RESI: 6.14

Southwest Slope Library: 5.95

Sucasa: 6.05

Summerland Bank: 5.59

Master Mori: 5.64

Mac: 5.67

tiimely Home: 5.79

Transportation Common Credit Union: 6.69

Unity Bank: 5.74

UP Home Loan: 5.75

Warwick Credit Union: 6.14

Good money: 5.81

Woolworths Team Bank: 6.34

Courtyard: 6.14

Yellow brick road: 6.64

More: Finder’s lender and its updated loan list here