Ongoing local and global economic uncertainty has forced the Reserve Bank of Australia to drop the official cash rate.
Today’s decision marks the second rate cut this year, and means the cash rate is now sitting at the new historic low of 1.5%.
All eyes will now be on Australia’s lenders to see if they follow suit and pass on the latest interest rate cut, or choose to hold fire.
Regardless of what happens over the short to medium term, it is important to note that home loan interest rates are still sitting at record lows.
If you have been in the same home loan for more than two years - especially if your current home loan interest rate is above 4.5% p.a, you could be missing out on significant savings.
To discuss your financial situation and see if there is a better deal available, give me a call today. I’d love to hear from you.
Renee Polden 07 5562 0748