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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