Rates down again - cash rate tumbles!
By James Symond|02 July 2019|2 minutes read
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%.
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.
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.
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.
The Reserve Bank of Australia is our central bank. They set the cash rate, which influences home loan rates.Read more
Changes in home loan interest rates can impact your mortgage in a number of ways. Learn more today.Read more