INTEREST RATE CUT

As you all would be no doubt aware that the RBA has cut the cash rate by a further 0.25% to the lowest rate in our history.

The good news for mortgage holders is that the banks and tier 2 smaller lenders have started announcing they will pass the rate on in full. I expect all lenders to pass this on by the end of the month.

If you have a variable rate home loan you should know that your repayments will not automatically drop unless you request your lender to lower them. If you leave your repayments at the same level that they are now the additional repayments will help to pay off your loan faster as the extra money comes straight off the loan balance. The additional payments will then be available in redraw should you need it at a later date.
 
As always if you have any questions please do not hesitate to contact me on 04322 81837
 
Have a great day.
Posted in: Interest rates

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