At its emergency meeting today the Reserve Bank (RBA) announced a cash rate cut of 0.25%, bringing the cash rate to 0.25%, the lowest in Australian history!
This cut was made in response to the global coronavirus (COVID-19) crisis, which has been declared a pandemic by the World Health Organization (WHO). Australia has entered unchartered economic territory and uncertainty associated with the COVID-19 outbreak. The RBA made the decision to decrease the cash rate to help mitigate the economic impact of the pandemic.
Many lenders reduced their interest rates in response to the cash rate cut earlier this month so, if you’re looking to buy a new property or refinance now is a good time to get in touch on 0437 498 800.