Not good enough ... Aussie banks have been stingy when it comes to passing on rate cuts. Source: News Limited

Others have been stingy, passing on as little as 15 basis points of the 25 basis point official drop.

And nine lenders are not actually reducing their rates until June — 27 days after the RBA’s action.

Some Australian lenders are failing to pass on the full 25 basis point to customers in full prompting consumers to shop around for a better deal. Picture: Thinkstock. Source: Supplied

Financial comparison site Finder.com.au’s spokeswoman Michelle Hutchison said it was unacceptable so many had remained tongue-tied on rates or had been tight and not passed on the full cut.

“I think it’s really disappointing that we have seen so many lenders that haven’t announced interest rate cuts yet and of the ones that have so many haven’t passed it on in full,’’ she said.

“There’s no reason why they can’t afford to, we are seeing record profits from lenders.”

RATES: Home loan customers can relax for how long?

Better deal ... Finder.com.au spokeswoman Michelle Hutchison said if borrowers are not happy with their financial institution handling of the latest rate cut they should shop around. Source: Supplied

Data from Finder.com.au shows Bankwest is among the most miserly of the nation’s bigger banks, handing over just 0.17 percentage points from this Tuesday.

A Bankwest spokeswoman said the decision to not pass on the full 25 basis point cut in full was because it wanted to level out the benefits not just for borrowers but also savers.

It increased some of their interest rates for four and 10-month term deposit customers to three per cent.

Rate drop ... the Reserve Bank of Australia cut the official cash rate to two per cent in May but many lenders have failed to announce whether they will drop their rate. Source: AFP

“These banks hardly on struggle street and their mortgage customers deserve better,’’ he said.

The Australian Bankers’ Association’s chief executive officer Steven Munchenberg said the banks’ failure to pass on rate cuts in full was driven by funding costs.

“The banks’ margins are getting tighter and tighter all the time,’’ he said.

“When the banks announced their profits recently, while their profits had grown their share prices all went down because they are finding it harder to remain as profitable.”

Banks such as ANZ — which passed on the cut in full — have said funding cost pressure has not increased. The RBA has also said this.

The average standard variable rate is currently 5.38 per cent and average three-year fixed rate is 5.36 per cent but many lenders have offers on both variable and fixed rate loans that are below four per cent.