Rate cut - astounding!
At the RBA meeting today the decision was made to cut interest rates by 0.25% to an absolutely unheard of 1.5% official cash rate - on the back of poor inflation figures. The RBA commented on banks having pulled sufficient levers to keep the property market in check.
Banks have started to advise their corresponding cuts with all of the majors announcing today - none of them yet passing on the full 25 points, in fact most are opting to pass on less than half citing cost of funds. Interesting times ahead and with some excellent variable and fixed rates on the table there really is no excuse to not look at your options right now.