At its meeting on 3 February 2015, the Board of the Reserve Bank of Australia decided to lower the cash rate by 25 basis points to 2.25 per cent, effective 4 February 2015 which is a new 60 year low.
TWO of the Big Four banks, Commonwealth Bank and Westpac have already cut their rates as well as smaller banks such as Bank of Queensland, ING Direct and ME Bank all cutting the full 25 basis points following the RBA’s move.
The pressure is now on for the other two big banks, ANZ and NAB, to pass on the full rate to its customers. ANZ said it will announce a decision by Friday 6th February.
What does this mean to you? Will you look at getting a loan to purchase a property and lock in these lower interest rates? Is now the perfect time to purchase new equipment for your business?
Perhaps now you can look at selling your current property and look at upgrading?
NOW is when you need to take advantage!