RBA cuts rates to lowest level

The Reserve Bank has cut interest rates to a historical low of 0.25 per cent – the lowest the rate can go.

The cash rate cut was just one part of a comprehensive package to support the Australian economy through the challenging period at hand.

Lenders have already announced they will be lowering variable home loan rates in response – so keep a look out with your bank for upcoming mortgage rate cuts.

The RBA’s actions will provide some support to the property market in the short term and will take effect immediately.

If you’re considering commencing your building process now more than ever, please get in touch with our estate mortgage brokers – Haines Wilson.