Rate cut - RBA

The RBA has cut its cash rate more than expected, reducing it to 5.25% from 6% - three quarters of a percentage point or 75 basis points.

This is great news for homeowners. For a typical 25 year $250,000 home loan, today’s cut, if passed on in full by lenders will save the borrower $112.63 a month in payments, or some $33,791 over the life of a loan.

Commonwealth Bank is the first major bank to lower its variable home loan interest rates by 58 basis points. We expect the other banks to make an announcement soon with regards to their rates. If you have not done so already, we recommend that now is the time you review your home loan.

If you require assistance with your home loan or if you know someone who is looking at purchasing their dream home, speak to one of the consultants at Intellichoice now on 07 3624 1900 and we will work with you to find a product that suits your needs.