BREAKING NEWS! The Reserve Bank of Australia cut the office cash rate to 1%
July 2, 2019
As anticipated by market analysts, the Reserve Bank of Australia (RBA) cut the official cash rate for the second month in a row, bringing it to just 1% p.a. – a new historic low. RBA Governor Philip Lowe said last month “the possibility of lower interest rates remains on the table” and many analysts expect at least one more RBA rate cut by November this year. Meanwhile, most lenders passed on last month’s rate cut to borrowers, causing home loan interest rates to hit their lowest levels since November 2016. On the property market front, CoreLogic reported that home value falls are slowing and auction clearance rates are up, so if you’re looking to buy a home it could be a good time to make a move.
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