As expected, the Reserve Bank of Australia met this afternoon and left official cash rates on hold. Given they only dropped rates last month, it’s common for them to wait and see the economic impact of the previous cut before making any further changes.
More importantly for you, each of our major lenders passed on the cut in the last month.
Keeping track of your home loan rate (and how it compares to the market) is a tough exercise given how each bank has a different standard variable rate, and their discounts and promotion offers are constantly changing. To make your life easier, if we haven’t spoken or looked at your loan product and interest rate, it’s going to be worth your time giving us a call for a quick review. Alternatively, you can complete your free mortgage health check by clicking here.
We are here to ensure you aren’t paying above the odds, so feel free to make the most of our services.
For those of you interested, today’s RBA meeting marks the end of Glenn Stevens tenure as the RBA’s Governor. He has chaired 109 monthly meeting, increased rates 12 times, dropped rates 18 times, but most importantly, there have been no recessions during his leadership.