Effective from the 3rd October, the Reserve Bank has left the cash rate unchanged at 1.50%.
Have your home loan rate changed?
We have recently seen most of the major banks increasing their interest rates for their mortgage products even though the cash rate stayed unchanged. It does not surprise to know that Australian major banks are some of the most profitable banks in the world.
It is very interesting to notice that the cash rate has been going down since November 2011. In particular it is possible to observe that the cash rate has not changed since the August 2016, but most banks have changed their rates. This is because the cash rate is not the only factor which influence banks’ decisions.
How do you feel about that?
A professional advice is highly recommended: a experience mortgage broker like a ‘My Sydney Broker’ expert can offer e a professional advice. Most likely, there is a bank out there which is able to offer you a better rate. This can mean for you:
1. Pay your mortgage faster.
2. More money available to you, to be spent on what makes you happy (e.g. holiday, car, shoes, etc.)
All the cash rate changes are available in the Reserve Bank of Australia website: