After much speculation, the Reserve Bank have decided to cut the cash rate to a historic low of 2.5% in their August board meeting. This drop of 25 basis points is the first since the most recent cut in May, where the rate was taken to 2.75%, its lowest level in 53 years.
The financial year may be well and truly under way, but rates are still exceptionally low, so it’s not too late to check that you’ve got the right home loan for you. The RBA decision today may have taken the rate to unseen lows, but regardless of this, you might still be paying more than necessary. By finding a better deal, you could effectively be organising a rate cut of your own.
Maybe this is the perfect time for you to make an appointment with your finance broker to review your home loan!