Exclusive access to properties not
advertised anywhere else.

Register now

No thanks

It looks like we are still missing some information to finalise your profile. Please enter your phone number below to complete your account set up.

Real Estate Market News
July 9, 2019 Reserve Bank cuts rates to a record low
While many Melbournian’s have collectively escaped winter for the school holidays and headed to warmer parts of the world, the Reserve Bank of Australia have been busy cutting interest rates to a record low.
On Tuesday, 2nd July the RBA announced for the second month in a row, a decrease in interest rates by 25 base points (0.25%). The first back-to-back cuts since 2012, which sees the official interest rate lowered to 1.00%.
The primary objective of this latest cut, was to foster stronger employment growth to ensure inflation is more likely to be consistent with the inflation target over the medium-term. Further easing from the Reserve Bank is likely and we anticipate at least one more rate cut in the next coming months.
The following big four banks have passed on the cuts – to date:

ANZ Bank
  • Rate cut: 25 basis points (0.25% points)
  • Applies to: All variable interest rates for Australian home and residential investment loans
  • Announcement date: 2 July 2019
  • Effective date: 12 July 2019 (10 days after RBA decision)
Commonwealth Bank:
  • Rate cut: 19-25 basis points (0.19-0.25% points)
  • Applies to: New and existing home loan customers:
  • Announcement date: 02 July 2019
  • Effective date: 23 July 2019 (21 days after RBA decision)
NAB:
  • Rate cut: 19 basis points (0.19% points)
  • Applies to: New and existing customers on variable loans (OO and Investor, P&I and IO)
  • Announcement date: 2 July 2019
  • Effective date: 12 July 2019 (10 days after RBA decision)
Westpac:
  • Rate cut: 20-30 basis points (0.20-0.30% points)
  • Announcement date: 02 July 2019
  • Effective date: 16 July 2019 (14 days after RBA decision)

Archives

Contact Us

Sign up to Newsletter

Sign up to receive property results in your inbox
on a Saturday afternoon.

Please leave this field empty.

Contact Us

Please leave this field empty.

0
X

Please leave this field empty.

X

Register for instant email alerts when a property matches your criteria.