Reserve Bank Drops Interest Rates For The 3rd Time This year
Updated: Jun 30, 2020
What a win for spring property hunters and homeowners! The Reserve Bank of Australia (RBA) has slashed the official cash rate to an historic low of 0.75%.
Prior to the announcement, RBA Governor Philip Lowe had hinted at more cash rate cuts to come, following reductions in June and July. Governor Lowe said an extended period of low interest rates would be required to reduce unemployment and reach the inflation target.
The statement mentions that mortgage rates are at record lows with strong competition for borrowers of high credit quality. If you haven’t spoken to us recently to ensure that the banks have passed on the consecutive rate cuts, please do so; we don’t want you donating money to the banks. We’ve never seen such low rates before, so it’s worth exploring your options. Give your home loan a spring clean – get in touch today.