Interest Rate Cut means new record low!

 

The Reserve Bank of Australia has today announced the outcome of its board meeting and it has decreased the cash rate by 25 basis points.

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Tuesday, 5th April 2015

The official cash rate is now 2.0%.

In taking this decision it appears the Reserve Bank has reacted to growing concerns around the Australian dollar, modest economic growth and lower CPI figures . This decrease is likely to spark a fresh round of competition amongst lenders so it is a great time to borrow or review your current finance arrangements.

How does this impact the average mortgage holder? Here is a table showing how Australia’s average mortgage sizes may be affected:

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Contact Finance Specialist, Justin Murphy for advice about how these record low rates will affect your current situation or future purchases.

0433 192 167         justin@raybackhouse.com.au