What you need to know about Reserve Bank of Australia interest cuts
At Hunter Legal & Conveyancing “New Ideas, Traditional Values” is at the forefront of what we do which is why we can help you with your property matters to ensure that you are well informed about all the necessary legal aspects of buying/selling your property.
Our senior staff has over 25 years’ experience in property law and we will keep you up to date to ensure you never miss a milestone during the settlement process. We do this via phone calls, emails, and SMS’ so you can choose how you will be contacted to suit your lifestyle.
Australian Interest Rates have hit a new low of 0.75%. This is the third cut the Reserve Bank has made since June.
The big four banks aren’t being quite as generous but they have implemented a part cut of 0.13 percentage points for CBA and 0.15 for NAB.
This is great news for homebuyers intending to get a mortgage as the cash rate has dropped to under 1% and borrowing rates for households and businesses are at historically low levels. Home & Business owners should see their monthly mortgage repayments drop with another cut expected before Christmas, this means that mortgage holders should have more cash in their pockets by the year’s end.
The Reserve Bank of Australia took the decision to lower interest rates to further support employment and income growth. RBA said words to the effect of “it is reasonable to expect to reach full employment and achieve the inflation target that an extended period of low-interest rates will be required in Australia. Further cuts may occur if required to support sustainable growth in the economy as well as full employment and this will be continually monitored by the RBA Board”.
In summary, now is a great time to purchase a property as your mortgage repayments should be lower than in the historic past.
We go above and beyond at Hunter Legal & Conveyancing to ensure our fixed fee service includes everything you need to buy and/or sell your property with ease. With over 30 years experience in Conveyancing and with HLC being a 7 day a week service, any questions you may have can be answered immediately. After hours also includes weekends, so if you want to secure your sale and/or purchase quickly you can call our professional Conveyancing team to get your matter underway.
We look forward to assisting you to ensure your property matters are on time and hassle-free.