The Reserve Bank has cut interest rates for the first time in more than 2 and a half years, bringing relief to households.
Major banks: Wespac, CBA, NAB and BoQ will definitely catching up by lowering their rates this week.
For $300,000 loan will save around $48 per months as implication taking place.
Major bank chief economist said that there are no hints in the statement that the RBA is considering further moves at this time. Prime Minister Julia Gillard repeated calls made earlier today by her ministers that the banks should fall in line with the RBA.
Take advantage of low interest rate by paying off your mortgage faster. But if you are pulling your hair to repay other debts like personal load or credit card debts in your shoulder, contact our debt experts staff. They will have best solution to solve your debt problems.
