AUSTRALIA’S BORROWERS MAY HAVE TO WAIT WEEKS FOR RESERVE BANK’S RATE CUT TO REDUCE THEIR MORTGAGE
https://i.guim.co.uk/img/media/7b8216f69ae83a8809ed31e75fe833437c89ff43/390_0_3896_3117/master/3896.jpg?width=140&quality=85&auto=format&fit=max&s=1a9129757cc490005cfe1581d6409674
✍️ The Reserve Bank of Australia announced a third interest rate cut of the year, which will lead to a reduction in mortgage rates for borrowers. However, some major banks may take weeks to pass on the cuts to their customers.
👉 RBA announces third interest rate cut of the year 👉 20 banks, including the big four, will pass on the cut 👉 Only two banks have passed on the cut immediately 👉 Delay due to complex systems and large number of customers 👉 Cut will save borrowers with a $750,000 mortgage an additional $111 per month 👉 Some lenders offering variable rates as low as 4.99%
-- #AndrewGiraldi #Joanna #SallyTindall #RichardBrown #Ryde #Sydney #Parramatta #business
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