The Reserve Bank moved into new territory today with the board deciding to cut the official cash rate 25bps to an all-time low of 2.75%
Rates have been on hold for three months with the last cut of 0.25% in December last year.
A recent AAP survey of economists found none expected the RBA to lower rates, but this move is going to be welcome news to most!
All the major lenders except for ANZ who will announce their rates in a few days have chosen to pass on savings – this could result in homeowners paying the lowest rates on their mortgages in recent history.
Some sections of the economy are still in need of further stimulus however housing markets this year are ahead of last year results.
As rates are at historic lows it is important to take the time to compare what you are currently paying on your home loan with the best deals available in the market. To compare home loans simply request a home loan comparison report or give us a call at 1300 722 278.
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