RBA Rate Announcement
Loan Market Executive Chairman Sam White said today’s historic cash rate cut by the Reserve Bank of Australia should encourage borrowers to review their current loans.
Mr White believed banks and other lenders would be competitive in attracting new customers in the wake of the RBA’s 15 basis point cut, today, taking the official cash rate to just 0.1%.
“Interest rates will remain low for some time, so the earlier people review their loans, the more money they’re going to keep in their pocket, instead of their banks’,” said Mr White.
“Here’s my Cup Day tip: if you’re considering a new mortgage or refinancing an existing loan, find the product and lender that delivers the best option for your circumstances.
“At Loan Market, we have relationships with 62 lenders and our brokers are committed to finding the deal that best suits their customers’ budgets and lifestyles.”
For people looking to purchase property before Christmas, Mr White said today’s announcement came at a pivotal time.
According to Loan Market’s affiliate Ray White, Australia’s largest real estate network, momentum had been building over spring at auctions around Australia.
Ray White reported a 70% clearance rate for its network auctions between October 20-26 with an average of 5-6 bidders registering to contest every property that went under the hammer.
“The window of opportunity to buy and settle before Christmas is starting to close, and that’s already been reflected in strong turnouts at spring auctions,” said Mr White.
“Today’s RBA rate cut will further fire auctions around Australia over the coming weeks as people start to dream of opening Christmas presents with the children in their new home.”
Disclaimer: This document has been created by Loan Market Pty Ltd (ABN 89 105 230 019, Australian Credit Licence number 390222). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter.You should before acting in reliance upon this information seek independent professional lending or taxation advice as appropriate specific to your objectives, financial circumstances or needs. Information included has been sourced from third parties and has not been independently verified. Accordingly, Loan Market Pty Ltd is not in any way responsible for nor provides any warranty express or implied as to its accuracy or relevance.