The Reserve Bank of Australia cut interest rates at the August meeting, dropping the cash rate to the lowest level seen in 53 years so get ready to take advantage of the additional savings or finally plan that trip as most of the Big 4 banks have already passed on the benefits!
After three consecutive months holding the interest rate at 2.75%, Reserve Bank of Australia (RBA) have cut the cash rate to 2.5%.
Many lenders have since reduced their Standard Variable Rates (SVR), including the Big 4 lenders. Westpac have even moved by more than the announced 0.25% stimulating further competition amongst the major banks.
The Big 4 lenders are now below the 6% threshold – it’s time to start planning that family holiday or get excited about how much you’ll save each month off your mortgage!
If you’re feeling restricted with a fixed rate mortgage or not satisfied with your current lender, give the team at Assertive Financial Group a call.
A good possibility you might be able to refinance and secure a better interest rate from our panel of lenders that include the big four.
Contact us now, or complete a free loan health check on the tab above for a free assessment.