Interest Rates Remain Unchanged for September

The Reserve Bank of Australia have decided to leave interest rates on hold for the month of September. The widely expected announcement to keep the cash rate at 2% is a conservative approach to see how the rate cuts earlier this year affects the economy.

Economists are predicting a 0.25% cut for November on Melbourne cut day. This will be  a welcome announcement for mortgage holders but I do not expect the banks and other lenders to pass on the full interest rate cut. We saw examples of this back in May when only one of the major banks reduced interest rates by the full amount.

To see current interest rate both variable and fixed rates please go to out mortgage comparison page.