What you need to know about Reserve Bank of Australia interest cuts

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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.

Important Disclaimer: The content of this article is general in nature and for reference purposes only. It does not constitute legal or financial advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.

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