All major banks have lowered interest rates, ahead of this afternoon's review of the OCR

The Reserve Bank is announcing its latest decision at 2pm.

The central bank's expected to slash the cash rate from 3-percent, to either 2.75 or 2.5 percent.

Banks are already pricing that in - all lowering their advertised one-year fixed-term home loan rates to 4.49 percent.

That's down from about 4.79 percent, only a few weeks ago.