Reserve Bank cuts cash rate, savings loom for borrowers

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The Reserve Bank of Australia (RBA) today announced it would cut the cash rate to 1.25%. This is the first move the bank has made since it last cut the rate to 1.50% way back in August 2016.

Banks were quick to cut floating home loan rates after the reserve bank cut interest rates and signalled another fall is likely. But good news for borrowers comes on the. central bank lowered the. The Reserve Bank of Australia (RBA) cut the official cash rate to 1.25 per cent, following its monetary policy board meeting yesterday (4 June).

Home loan customers may save about $600-$1000 a year in mortgage repayments thanks to today’s landmark rate cut by the Reserve Bank but homeowners will get other bigger benefits too.

The Reserve Bank has cut interest rates by 25 basis points to a new record low of 1.25 per cent in what is the first movement in cash rates since August 2016. The announcement comes as no surprise, with the majority of experts and economists expecting the Reserve Bank would make its first move in nearly three years just weeks after the Federal Election on 18th May.

A weakening job market and tepid inflation has led the Reserve Bank to cut the official cash rate (OCR) to an all time low.. On Wednesday the new monetary policy committee announced the OCR, which influences other domestic interest rates on loans and savings, was being cut by 25 basis points to 1.5 per cent, the lowest ever.

The Reserve Bank of Australia will hold its monthly board meeting on Tuesday 4 June to decide whether it will keep interest rates on hold for another month, or – as is widely expected – cut rates to a record low. A cut of 25 basis points tomorrow would bring the official cash rate down to 1.25 per.

Mortgage repayments are set to become cheaper for many Australian borrowers. bank is now offering a one-year fixed home loan below 3pc After keeping rates on hold for nearly three years, on Tuesday.

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Banks have moved to pass on the full Reserve bank interest rate cut to savings accounts more quickly than the reduction. While eftpos and credit card usage is climbing, cash remains the most.