Mortgage holders win on Melbourne Cup
You might not have picked a winner for the Melbourne Cup race, but if you are a mortgage holder you were already a winner yesterday with the Reserve Bank of Australia (RBA) cutting interest rates by 0.25 per cent, making the official cash rate 4.5 per cent.
While many property and financial industry experts and commentators where tipping the November rate cut, there was still some speculation that the RBA might sit on their hands for the time being.
However, yesterday’s rate cut was a great sigh of relief for many mortgage holders, with the RBA recognising the move was needed to inject consumer confidence back into the market.
The Australian consumer market has been suffering from a lot of nervousness and cautiousness about where rates would go, especially on the back of the issues we’re seeing over in Europe at the moment.
This rate cut will save the average mortgage holder with a $300,000 loan approximately $50 per month, which can make a big difference in household budgets.
The time is now right for consumers to either re-negotiate their current home loan or look for a better alternative, but also to proceed with their investment or upgrade construction or purchase of a new home, while a lower interest rate is on the table.
To speak to a qualified professional at Choice Home Loans about your interest rate issues, contact them direct email@example.com or call 1300 2 CHOICE
How has the interest rate cut affected your decision or lifestyle?