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Interest Rates are down again for August 2016

The Reserve Bank of Australia met on Tuesday and announced another interest rate cut for August 2016. This is a decrease of 25 basis points to 1.50%

If your loan is with one of the four banks, you will receive a portion of this cut, an average of 0.12 points (according to The Age 3rd August).

If you are with one of the other many lenders, you will likely have a rate lower than the big four but we will receive notification in the next few days of what each lender will do. Remember, the smaller lenders like to undercut the big banks and they usually do!

What should I do?

Fixing is a great option right now. Rates for a 2 year fixed loan could be as low as 3.65%.

Call us anytime on 03 5221 7234