RBA Inspired Rate Cuts – June 2019

11 June 2019 · General news

Quick post today just to let you know that, as you no doubt are aware, the RBA lowered the cash rate last week (for the 1st time in 3 years) by 0.25%, to 1.25%

Given you don’t pay your grocery bill in %, here’s how the $ stack up.

A 0.25% reduction on a $500k home loan means a saving of $70 per month. If you kept up the same repayments though, this would mean that you’ve just saved just under 2 years off that mortgage. Yep, 2 years… (ask me what the heck I mean by that by clicking here to book a chat)

Many lenders have already reduced their rates and there are still a few to follow, but here’s a summary of those bigger lenders that we are aware of (as at June 11th 2019):

ANZ: Reduction of ONLY 0.18%

CBA: Reduction by the full of 0.25%

NAB: Reduction by the full 0.25%

WESTPAC: Reduction of ONLY 0.2% on owner occupied and 0.35% on investment loans

MeBank: Reduction by the full 0.25%

Macquarie: Reduction by the full 0.25%

Bankwest: Reduction by the full 0.25%

ING: Reduction by the full 0.25%

AMP: Reduction by the full 0.25%

 

There has been a lot of other movements from some of our smaller (but still great) lenders and many of the fixed rates, so please get in touch today to discuss your personal situation and what the cuts might mean for you.