At its meeting today, the Board decided to
Leave the cash rate on hold at 1.00%
The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE
With two rate cuts already this year, do you know what this means for your home loan?
According to research by Canstar –
31% of borrowers knew that their home loan rate had decreased but didn’t know by how much.
14% said their lender had not reduced their home loan interest rate,
9% said they were not aware the cash rate had been cut at all!
The rest surveyed knew their lender had lowered their home loan interest rate and was aware how much the rate had changed! (Hopefully it was all my clients 😉)
If you don’t know what your interest rate is or whether it is competitive in todays market, please call/email me as you need to take advantage of the record low interest rates. Switching from the average variable rate of 4.03% to the lowest in the market could mean an interest saving of over $91,000 over the life of a $400,000 loan.