Interest Cuts

Last week as the reserve bank reduced interest rates by 0.25% for the second consecutive month, the ramifications for the Australian household became real.

Some Australian bank lenders have passed on the rate cut whilst other have not. However, for many Australian families post the Global Financial Crisis (GFC) who fixed their mortgages in fear of future rate rises will bring about no relief through this announcement.

Whilst this rate cut will save an average of $50/month for homeowners who are eligible, many banks only passed on part of the cut.

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