THE Reserve Bank has cut interest rates to 3 per cent, giving homeowners a boost as Australia’s jobs outlook deteriorates.
The move takes the official cash rate to the lowest point since 1960. But there’s no guarantee the cut will be passed on to homeowners by the nation’s big banks. Source: News.com.au
It’s really quite amazing how far the interest rate has come, to it’s lowest point in over 50 years! That’s a big deal. It’s a big deal for home owners also. If you locked your mortgage interest rate in this time last year, I feel sorry for you. If you locked it in last year you’ll be paying over $500 a month more than if you locked in your interest rate on your mortgage now.
I wonder if it will get any lower than what it is now?