The Reserve Bank of Australia (RBA) has today kept the cash rate at 0.25% for the 7th straight meeting in a row.
The RBA was widely predicted to reduce the rate further in October or November, although with the Federal Budget due today, the majority favoured a Melbourne Cup rate cut in November.
RBA has previously stated that it sees a cash rate of .25% as a floor but may need to consider the merits of a further reduction against other stimulus options, if signs of a recovery fail to emerge.
Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you’re prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.
We’re here to help if you have any questions or wish to review your circumstances. Please don’t hesitate to give us a call.
We are experts at considering your financial and lifestyle needs/aspirations, and finding the optimal loan for your circumstances. Refinance with Finance Mutual Australia today. Contact us today!
In other news, COVID-19 has wrecked havoc on the worlds economies. Australia has taken many measures to fix its economy, one of those factors has come in the way of the Reserve Bank of Australia (RBA) reducing the cash rate to 0.25%, and the government reducing the amount of red tape surrounding home loan lending.
These factors have made it easier for borrowers to take out new loans or refinance. At Finance Mutual Australia we have used this opportunity to help our clients refinance with a cheaper lender. The average loan in 2015 cost you 4.7% in interest, compared to the 2.7% we are getting our clients now. On the average home loan of $400,000 that is a saving of $5000 in the first year and over $130,000 over the life of the loan. Read more.