Interest rate cut expected but still jolly appreciated
The Reserve Bank of Australia (RBA) thought they’d give Australians an early Christmas present with a jolly good interest rate cute at the December meeting, reducing it by a further 0.25%.
While it was rather more expected than not, the RBA’s December decision was a very welcomed outcome.
Already, one of the 2nd tier lenders have announced that they will be passing on the full 0.25% rate cut, which is great news for consumers and many will be hoping other lenders follow.
It feels like the Christmas cheer is in the air and we think the majority of lenders will pass on between 0.15% - 0.20% of the cut to the SVR (Standard Variable Rate) loans. Ho ho ho!
It certainly couldn’t have come at a better time this side of Christmas and should give consumers a big sigh of relief that retailers will ultimately enjoy.
The low interest rates and competitive housing market also make it an optimal time to be looking at that brand new home, or refinancing to a better loan facility.
If you’re looking for financial information, advice or more information on your grant options, talk to us today at Choice Home Loans, firstname.lastname@example.org or call 1300 2 CHOICE
Has the interest rate cut helped your Christmas cheer?