At its meeting today, The Reserve Bank of Australia decided to lower the cash rate by 25 basis points to 1.75 per cent effective 4 May 2016. This follows information showing inflationary pressures are lower than expected.
So far, the big banks who have passed on the interest rate cuts are as follows:
Bank | Rate cut |
NAB | Full |
CBA | Full |
Westpac | Full |
ANZ | Partial |
Both buyers and sellers of Sydney are likely to cheer this news. Buyers may be likely to access further funds and lock in rates, whereas sellers might experience a reinvigorated property market.
Remember to always seek financial advice before making decisions.
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Sources: http://www.skynews.com.au/business/business/national/2016/05/03/big-banks-pass-on-rate-cut.html;
http://www.media.anz.com/phoenix.zhtml?c=248677&p=irol-news&nyo=0;
http://www.rba.gov.au/media-releases/2016/mr-16-10.html