At its June meeting today, the Reserve Bank of Australia (RBA) cut the official cash rate to just 1.25% - the lowest level in Australian history.
Analysts widely predicted a rate cut would follow hot on the heels of the Federal Election. During May, many lenders started to cut rates on both variable and fixed rate home loan products in anticipation of today’s move. although not all lenders will pass on the full cut, it seems most borrowers will enjoy savings as the big banks work to restore trust following last year’s Royal Commission. With home values also continuing to soften, this could be a great opportunity to make your next move up the property ladder.
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At its May meeting, the Reserve Bank of Australia elected to keep the official cash rate on hold at 1.5 per cent. However, Australian lenders are still increasing rates to keep in line with APRA's new lending rules...
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