Cash Rate Slashed to New Record Low

The RBA has once again cut the official cash rate to a new record low of 1%! This is fantastic news for those with variable rate mortgages.

All 4 Major Banks have responded by announcing that they will reduce rates, however only ANZ will pass on the full 0.25% cut across all variable loans - a change of tact after being widely criticised last month for only passing on 18bps of the RBA’s 25bps rate reduction.

CBA will pass on a cut of 0.19% across standard variable rate loans on principal & interest repayments, whilst a 0.25% cut will apply to variable interest only loans.

NAB will pass on a cut of 0.19% across variable rate loans.

Westpac will pass on a cut of 0.20% across most variable rate loans, whilst a 0.30% cut will apply to variable interest only investment loans.

Some Non-Major Banks & Non-Bank Lenders have also announced rate cuts, whilst most are still yet to make an announcement. Fixed Rates for new loans/product switches have also been slashed across a number of lenders, with rates now starting in the 2's!!!

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