NAB, Commonwealth Bank, Westpac and ANZ have all announced they will pass on the Reserve Bank of Australia’s interest rate cut to customers. The central bank cut the official cash rate by 0.25 per cent to 4.10 per cent today, marking the first cut in more than four years.

The Big Four banks wasted no time in their own announcements and said they would follow in the central bank's steps.

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Which of the Big Four Banks passed on interest cuts?

Westpac - March 4

Westpac will decrease home loan variable interest rates by 0.25 per cent for new and existing customers, effective March 4.

"By reducing the standard variable home loan rate by 0.25 per cent per annum, customers will save an extra $90 per month, or $1,080 per year, based on a $500,000 home loan with principal and interest repayments," Westpac chief executive consumer Jason Yetton said.

Commonwealth Bank - February 28

CBA will decrease home loan variable interest rates by 0.25 per cent p.a., which will be effective from February 28.

“We know that cash rate increases have been challenging for our home loan customers and they are looking forward to some relief," CBA’s Group Executive, Retail Banking Services, Angus Sullivan said.

NAB - February 28

NAB will reduce the standard variable home loan interest rate by 0.25 per cent, effective from February 28.

“We are very pleased to deliver this rate cut to home loan customers - we understand how tough it’s been for many Australians," NAB Group Executive, Personal Bank, Ana Marinkovic said.

“The extended period of high interest rates has placed real strain on household budgets and this rate reduction will help to ease the financial burden."

ANZ - February 28

ANZ will lower interest rates for variable home loan customers by 0.25 per cent, effective from February 28.

“We’re conscious that interest rates for borrowers remain high. While our data indicates that our customers are generally faring well, some will still be facing challenges," ANZ group executive Australia retail Maile Carnegie said.

"We urge them to reach out sooner rather than later to discuss options for any additional support required and we are committed to providing tailored solutions to ease financial strain, for both personal and business needs.”

All eyes on lenders following rate cut

Canstar data insights director Sally Tindall told Yahoo Finance she expected lenders "big and small" would pass this rate cut on in full to all variable rate mortgage customers.