Photo by Jamie Haughton on Unsplash
The Reserve Bank of Australia (RBA) has cut the cash rate to 0.10% in its board meeting today just hours before the Federal Budget is released.
The move has come as a bit of a surprise, but wasn't completely unexpected.
Westpac and NAB had been forecasting an October rate cut, before Westpac backflipped and revised its forecast of a rate cut for November to give the Federal Government time to sell its Budget.
A Bloomberg poll also revealed only 4 out of 24 economists surveyed thought there would be a rate change in October.
But that hasn't stopped the RBA from pulling the trigger and cutting the official cash rate to 0.10% in its board meeting today, just hours ahead of tonights Federal Budget at 7:30pm (AEDT).
Looking to compare low-rate, variable home loans? Below are a handful of low-rate loans in the market.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 25, 2022. View disclaimer.
Variable More details FEATUREDUNLIMITED REDRAWSSPECIAL OFFER Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
Variable More details FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
Variable More details NSW/VIC/SA METRO & INNER REGIONAL AREAS Variable Home Loan (Principal and Interest)
Variable Home Loan (Principal and Interest)
Variable More details REFINANCE ONLY Variable Rate Home Loan – Refinance Only
Variable Rate Home Loan – Refinance Only
Variable More details NO ONGOING FEESFREE REDRAW FACILITY Live-in Variable Loan (Principal and Interest) (LVR < 90%)
Live-in Variable Loan (Principal and Interest) (LVR < 90%)
More to come...
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
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