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Breaking News - Interest Rate Update


The cash rate decision for March has been announced by the RBA with a rate cut.


The RBA has reduced the cash rate to a new record low of 0.50% in response to the economic threat posed by the coronavirus outbreak and bush fire crisis.


Whilst the Reserve Bank would have been encouraged by recent economic data confirming continued house price increases and business investment, the dangers to the economy posed by the virus and fires and fears of a recession left the RBA with little option but to reduce rates.


Here is a table showing how Australia's average mortgage sizes may be affected:


Lenders continue to review rates independently of the RBA with some already making reductions in anticipation of the RBA decision. It is therefore important to review your lending options regularly to ensure they remain the most suitable for your situation.


There may be different rates available from our wide panel of lenders and I'm always available to ensure you have the right financial solution for your current and future circumstances.


If you'd like to have a chat about what today's news means for you and your finances, please don't hesitate to get in touch.


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Your Choice Mortgage Brokers Pty Ltd atf Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643.

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The information contained or referred to on this website has been compiled for the convenience of our clients, looking for information about us and the services we provide both financial advice and credit services. We have taken all reasonable care in preparing and presenting this information, but we cannot warrant that it is complete and/or accurate in all respects or fully up to date. We are not responsible for any eventualities arising from the use of the information in this website for any purpose whatsoever.

 

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