The Reserve Bank decided on Tuesday to cut the cash rate by 0.25 percentage points to a record low 0.75 per cent.

Bank of us said it would review its products and pricing later this week, in light of the RBA's announcement.

"As a small Tasmanian customer-owned bank, we remain committed to keeping home loan interest rates as low as possible," chief executive Paul Ranson said.

"It is an ongoing balancing act to manage the cost of operating our business and the interests of both borrowers and depositors."

Any changes to rates would be announced next week.

MyState Bank general manager banking Tony MacRae said the bank was carefully considering its position.

"We will be balancing the interests of both our lending and deposit customers, and will advise affected customers of any change to rate or repayment directly in the coming weeks," he said.

RBA governor Philip Lowe said: "It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target."

"The board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time."