Following this week's official cash rate cut to 1.5 per cent, home loan customers should now be paying an interest rate with a '3' in front as many deals are pushed below the four per cent mark.

"Without a doubt, you should have a three in front of your rate or you should be considering your options—go to your lender or broker," said Mark Hewitt, general manager of sales and operations at the Australian Finance Group. "There's deals that are 3.6 or 3.7 per cent on variable or fixed rate deals for owner-occupiers especially if the customers have a low loan-to-value ratio."

John Kolenda, 1300homeloan director, also echoed Hewitt's sentiment, saying, "Anybody paying over four per cent is paying too much."

With more rate cuts on the horizon, Hewitt advised home loan borrowers to stick with variable rates. According to an analysis by financial comparison website RateCity, there are nearly 90 variable rate deals on the market below four per cent. But when it comes to fixed rate loans, only one in three is below four per cent.

Last Wednesday, Prime Minister Malcolm Turnbull attacked Australia's big four banks after failing to pass the rate cut in full.

"They owe it to the Australian people and their customers to explain fully and comprehensively why they have not passed on the full rate cut," he said.

While the big four already announced their rates moves last Tuesday, the majority of the market is yet to make an announcement. If they pass the rate cut in full, their customers' monthly repayment could drop by about $45 to $1,512.

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