The Reserve Bank of Australia has cut the official interest rate by a quarter-percentage point to a record low 0.75 per cent.
This is fantastic news for homeowners and investors, with home loan interest rates now looking to drop below 4%. Some of our clients have been reporting receiving reduced rates down to 3.67% on their mortgage.
Now is the perfect time to give your bank a call and see if they can offer you a better rate. It is cheaper for banks to retain their existing customers rather than attract new ones via expensive marketing so you might be surprised how easy it is to get your rate reduced.
We also recommend speaking with a mortgage broker to see if it is worthwhile to refinance with another bank.