ANZ (ASX:ANZ, ASX:ANZ), Commonwealth Bank of Australia (ASX:CBA), and Macquarie (ASX:MQG) all lowered their interest rates on Tuesday following the Reserve Bank's rate cut in relief to homeowners.

ANZ and CommBank decided to cut the variable interest rates across their home loans by 0.25% per annum, effective May 30.

Macquarie Bank also reduced its home loan rates by the same level but on an earlier date, May 23.

In a widely anticipated move, the Reserve Bank of Australia lowered the official cash rate by 25 basis points to 3.85% on Tuesday, its second rate cut this year.