The Reserve Bank of Australia decided to once again reduce the official cash rate, this time to 1% in a concentrated effort to boost household spending and the economy in general.
In making the decision to lower rates again this month the RBA has signalled its focus on supporting employment growth as it looks to restore inflation to within its target range and provide further stimulus to the economy.
Here is a table showing how Australia’s average mortgage sizes may be affected:
Interest rates are already at historic lows, and if lenders respond to the RBA’s move by slashing their interest rates, there is an even more compelling case for you to review your lending options now.
We’re here to work through the different rates available from our wide panel of lenders with you and we’re always available to ensure you have the right financial solution for your current and future circumstances.
If you’d like to chat about what today’s news means for you and your finances, please don’t hesitate to contact us, we’d love to help.