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The RBA has cut the official cash rate for the second consecutive month, bringing it to a historic low of 1%.
So what could this mean for borrowers? Head of Elders Home Loans, John Rolfe, comments:
“Whilst the rate cut is great news, it’s getting tough for the banks to pass the full rate cut through. Whilst I hope they do, many of the banks, including the majors, have savings account rates of only 0.30% or even lower. Passing on a full 0.25% rate cut will see further pressure on these savings rates and having zero interest rates is not going to be feasible.”
Nonetheless there are some great rates in the market following the RBA’s June announcement – it’s the perfect opportunity for borrowers to review their current home loan.
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