Commonwealth Bank and National Australia Bank have resisted the government's pressure for banks to pass on in full the latest cut in official interest rates, pointing to the low rates on deposits as they reduced rates for most groups of borrowers by significantly less than the official 0.25 percentage point move.

CBA, the country's biggest bank, on Tuesday said it would lower rates by 0.13 percentage points for all owner-occupiers and for property investors who are paying principal and interest on their loans. Property investors with interest-only loans will receive the full 0.25 percentage point rate cut.

CBA will pass on 0.13 percentage points of the latest rate cut to most groups of customers. Credit:Michael Clayton-Jones

NAB followed CBA by saying it would cut rates for owner-occupiers and investors paying principal and interest by 0.15 percentage points. It will cut rates on interest-only loans for investors by 0.3 percentage points.

Westpac and ANZ Bank had not announced their response to the RBA at the time of writing.