Following the RBA’s February 2015 meeting and its decision to cut the cash rate by 25 basis points, we reveal which lenders on the Aussie panel are passing on the cuts to you, and when.
In its first meeting of 2015, the Reserve Bank of Australia surprised many by making a decisive cut of 25 basis points to the official cash rate.
Essentially, the official cash rate is one of the factors that guide the interest rates that banks or lenders then pay or charge to borrow or loan money, so the cash rate does affect you and your loans, credit cards, savings accounts, etc!
Looking at Aussie’s panel of up to 19 lenders, we reveal who is passing on the savings to you and when. The ones still under review will be updated once the details are finalised!
|Lender||Rate Type||Rate change||Effective Date|
|Aussie Home Loans||Variable||0.25%||23/02/2015|
|Aussie Home Loans||Fixed||Various||11/02/2015|
|Bank of Melbourne||Variable||0.25%||20/02/2015|
Competition between lenders is fierce in the home loan market, so now is a great time to do a home loan health check. Even if your lender passes on the rate cuts, it’s timely to make sure you’re home loan is still competitive and, importantly, right for you.
You can do this by asking your bank for a lower rate and see what they say. Then, once you know what your bank is prepared to offer you, get a free, expert second opinion from an accredited mortgage broker. You never know – you may be able to get an even better deal from your current lender just by asking the question!
Do you think there will be another rate cut soon? Tell us your thoughts in the comments below.
If you found this article useful please share it using the buttons below.