Blowing such rates out of the water, though, was one far smaller lender debuting one of the lowest variable rates seen in a long while. comparison rate*), available to owner-occupiers turning to its Basic variable rate home loan. Westpac slashes variable rates in RBA's wakeSpeaking of Westpac, it was the last of the big four banks to pass on the RBA's rate cut, dropping variable rates for new and existing borrowers on Tuesday, 26 August. comparison rate*). More details Compare Promoted Disclosure Important Information and Comparison Rate Warning Important Information and Comparison Rate Warning