How low can you go?
Today, the Reserve Bank of Australia decided to lower the official cash rate. After two consecutive rate holds, the board decided to reduce the official cash rate by 25 basis points to 2.5%.
The July cash rate was already at a historic low, but a drop to the Australian dollar and poor inflation data for the second quarter, combined with a rise in unemployment could have influenced the central bank’s decision to cut the interest rate today.
With today’s cut, we should see some reductions in rates from lenders, and most importantly, lots of options for home owners and investors. Now may be a good time to consolidate or refinance your existing loans with us, or for first home owners – get into the market!
In the coming days we will learn which lenders will adjust their rates as a result of today’s decision. If you have questions about your current circumstances, or today’s RBA announcement, please get in touch.
