Virgin Money passed on the full RBA rate cut yesterday, announcing that its lowest variable rate would fall to 3.69 per cent, effective next week.To qualify for that rate borrowers would need a 20 per cent deposit and be borrowing A$750,000 or more.Virgin Money will cut variable rate for investors by 20 bps. Virgin Money is owned and funded by Bank of Queensland.Virgin Money joins Bank Australia and Bank of Sydney as the only lenders to have passed on a full 25 bps cut.ME cut its variable rate by ten bps, effective August 23. The bank's Flexible Home Loan rate will fall to 4.93 per cent.ME said in a statement it held back some of the cash rate cut to offset significant increases in costs.ME chief executive Jamie McPhee said "Retail deposit costs as a source of funding for loans has increased significantly over the past nine months. Deposit costs will increase further over the next 18 months as banks meet new requirements to source more funds for loans from longer term retail deposits."