It’s a battle of the banks after last week's Official Cash Rate cut. 

Most banks dropped their advertised retail loan rates within minutes of last Wednesday's Reserve Bank announcement. 

ANZ and Co-Operative Bank have now dropped their rates even further. 

Co-Operative Chief Executive Mark Wilkshire told Mike Hosking things are getting competitive. 

He says it's good news for homeowners out there, with rates coming down quite quickly. 

LISTEN ABOVE