Yesterday, the RBA announced its decision to cut the official cash rate by 0.25% to 1.5% – the lowest cash rate ever recorded in Australia.
The big 4 banks were surprisingly quick to announce how much of this cut they were choosing to pass on to their mortgage customers. Unsurprisingly, they have chosen to keep much of the savings to themselves citing more vigorous regulation and higher costs for their decisions.
Of the big 4, Westpac will lower their standard variable rates by 0.14%, Commonwealth by 0.13%, ANZ by 0.12% and NAB by 0.10%. It remains to be seen if the smaller lenders will follow suit or go against the grain and pass on more of the cut in an effort to grab some market share.
With mortgage interest rates at historic lows, now is the time to shop around for some added savings. Call Carbon Finance for your no-cost mortgage review to ensure you are getting the most for your money.