Tue 4/11/08 11.30am
The Reserve Bank of Australia has shocked us all again today with another big interest rate reduction. Last month we saw them slash interest rates by a full 1%, this time we have recieved another .75%. This will come as a big relief for all home owners.
This latest reduction means that we have now recieved a total of 2% reduction over the last three months, leaving the official cash rate at 5.25%.
In real terms this means for your average mortgage of $300,000 your monthly repayments will be reduced by approximately another $150/month.
So far the Commonwealth have announced that they will be passing on .58% of this reduction. Watch this space to see what other lenders will do.
Comments