What Record Low RBA Cash Rate Means for You
In their most recent meeting, the Reserve Bank of Australia board has voted to cut the cash rate from 1 per cent to the record-low of 0.75 per cent. Australia has never seen such low rates before, but it’s all done in the effort to support the economy growth, which can result in better deals for you.
In the wake of the announcement, some lenders have already begun to slash their home loan rates, and more lenders may join in as well. Online lenders like Athena, Homestar and UBank have passed each of RBA’s recent rate cuts, while biggest banks haven’t joined in at this stage.This is great news for First Home Buyers or those looking to refinance. With such historic-low cash rate leading to better home loans, you are ought to get a great deal. Here's what happened after the previous announcement.
It’s a perfect opportunity to check whether you are getting a competitive deal and explore what options are becoming available for you. Get in touch with our award-winning mortgage broking team who will do all the hard work for you in finding the perfect match for your home loan needs.