The Reserve Bank of Australia has cut the official cash interest rate to a record low of 0.1 percent.
RBA Governor Philip Lowe said the move will help quicken the pace of economic recovery and noted “the Board is prepared to do more if necessary”.
“With Australia facing a period of high unemployment, the Reserve Bank is committed to doing what it can to support the creation of jobs. Encouragingly, the recent economic data has been a bit better than expected and the near-term outlook is better than it was three months ago” said Dr Lowe.
The big four banks have passed on the Reserve Bank’s rate cut to borrowers, effectively lowering interest rates on some business loans and fixed-term mortgages.
The Reserve Bank governor said borrowers should try to renegotiate or switch lenders if they don’t get a rate cut.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.