RBA Interest Rate Announcement May 2nd 2016

Today the Reserve Bank of Australia met at its monthly meeting with the board decided to slash the official cash rate to a record low 1.75%.

 

This latest 25 basis point reduction comes as a surprise to most economists but is welcomed by mortgage holders. This latest cut represents about $3b to the Australian economy, which the RBA hopes will help boost a slow inflation rate at only 1.3%.

 

Not all banks are expected to pass on the full .25% interest rate cut passed down at today’s RBA Meeting.

Now is a great time to speak with a Finance Specialist at SB Lending to understand what these changes could mean for you and how you to take full advantage of any rate adjustments.