RBA slashes cash rate to new historic low
The Reserve Bank of Australia (RBA) has cut the official cash rate for the second time this year to a new historic low of 1 per cent at today’s board meeting.
It is hoped the cut of 0.25 percentage basis points, which was widely expected by many economists, will stimulate our slowing economy but is also good news for home owners and first home buyers.
Coronis Financial Services Director, Tyson James, said interest rates were currently at an all-time low, however there was potential for further decreases from some banks and lenders if they pass on the full reduction.
“We’re seeing some lenders offer rates as low as 3% so if you’re home loan or investment loan isn’t in this ball park, there’s never been a better time to speak to a mortgage broker and see how much money you could be saving.
“A couple of hundred dollars a month may not seem like much, but when you add that up over the course of a 20 or 30 year home loan, the savings could be upwards of $20,000 to $30,000.
“To discuss switching lenders or find out how much you need to buy your first home is really simple with one of our mortgage brokers, it’s completely obligation free and doesn’t cost you a cent.”