Interest Rates Cut by another 0.25%

The Reserve Bank of Australia cut interest rates from 4.50% to 4.25% today.

This may seem to be an early Christmas present for mortgage holders but there are rumors that the banks will not pass on the full rate cut. So here we go again. Let us wait and see what ANZ, NAB, Westpac, Commonwealth Bank, ING Direct and the other lenders do. As always we will keep you updated on the following in the next coming weeks;

– which banks passed on the full rate and those who did not
– when the banks will be passing on the interest rate cut. This usually ranges from 3 and 28 days
– new loan discounts for fixed and variable mortgage rates

The RBA are on holiday over the Christmas period and their next meeting is at February 2012.

If you have any questions about your home, investment or commercial loan please do not hesitate to contact us for free advice or go to our mortgage website.

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