Big news today for anyone with a mortgage or thinking about purchasing!
The RBA has announced a 0.50% reduction to the official cash rate – now down to 3.75%. The big question now is will your lender pass on the full cut? We have seen the Major Banks move out of cycle in recent months, often raising their rates despite the RBA keeping the cash rate steady. Given the public and government pressure being applied it will be extremely interesting to see how lenders across Australia react to this rate drop.
What does this mean for you? Well, at the very least it is a great time to be looking at your current deal and lender and asking yourself – are they providing the best deal for me?