The Reserve Bank of Australia (RBA) has decreased the official cash rate to 1.75% for the month of May.
After sitting steady at 2.00% for 11 consecutive months, the RBA has dropped the cash rate to the lowest ever in Australian history.
More than 14 lenders have already reduced their variable Home Loan rates after the announcement was made on Tuesday 3rd May, with many lenders passing on the full 0.25% reduction to their customers. Some of these lenders include NAB, Bank of Queensland (BOQ), Commonwealth Bank, Westpac, St George Bank, Bank of Melbourne (BOM) and ING Direct.
Although ANZ are not passing on the full 25 basis point decrease, they are leading the pack with the reduction coming into effect on the 13th May. The majority of other lenders will decrease their rates from the 20th May onwards with some non-majors implementing the changes a day or so earlier.
Work out how much you should be saving with our easy to use Loan Comparison Calculator. Alternatively, get in touch if your lender hasn’t passed on the savings so that we can put on our negotiating hat for you.
With access to more than 30 lenders & over 800 financial products, we’ll find the best suited Home Loan for your current lifestyle. Get in touch on 08 9315 8888. Our service is free so it makes sense to know all of your options.