RATES DOWN AGAIN – CASH RATE TUMBLES!
Extraordinary news from the Reserve Bank of Australia (RBA), with the cash rate falling by 0.25% for the second time in as many months.
Today’s decision takes the cash rate down from 1.25% to an unprecedented new record low of just 1.00%.
Why another rate cut so soon?
We haven’t seen back-to-back rate cuts from the RBA since 2012, and this time around it’s a move designed to support the jobs market and keep Australia on track for growth.
How has your lender responded to the June rate cut?
By now you should have a fair idea how your lender responded to last month’s rate cut.
Not all lenders passed on the full 0.25% saving. One of the big banks cut its variable home loan rate by just 0.18%, while plenty of other lenders lowered their variable rates by 0.25%.
Even better, some lenders are offering their lowest rates ever! If you aren’t sure how your lender has responded, keep up to date with our rolling coverage of how lenders have reacted to the June RBA Rate Cut here.
What does the July RBA rate cut mean for you?
The key point is that you need to be confident your lender is giving you a fair deal on the latest RBA rate cuts.
I encourage all Aussie home owners to check in with their Aussie Broker to be sure your loan still stacks up for value and features.