April 2009
The Reserve Bank of Australia (RBA) today cut official interest rates by 25 basis points to 3.00% giving homeowners a boost as Australia's jobs outlook continues to look more grim.
Many economists had predicted no change before this afternoon's announcement. This today is the lowest cash rate since March 1960. The RBA has chopped 425 basis points since September in an effort to keep the economy from slipping into reverse gear.
As always the biggest question is will banks pass the interest rate cut to the consumers in full? The earlier comments from the banks suggest that banks are reluctant to pass more cuts to their customers. Today's 25-basis-point cut, if passed along in full by the banks, will take $46 off the monthly repayment on a $350,000 loan over 25 years.Here at Rate Detective we will keep track of the major banks and lenders home loan interest rate cuts to their customers and will provide the updates as soon as they appear.
1 comments:
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