Interest rates hit 45 year low
The Reserve Bank decided yesterday a one percentage cut to interest rates, reducing the cash rate to a 45-year low of 3.25 per cent effective 4 February 2009.
In announcing the decision, Mr Glenn Stevens RBA governor said that the sizable reduction in the cash rate was “appropriate” in the light of current world economic conditions.
In response to the RBA decision, Westpac, ANZ and NAB had announced that they will pass on the full percentage cut.
NAB mortgage rates were reported to drop to 5.74% on February 13.
As of this writing, CBA still has to announce its position on whether to pass on the full interest rate cut.
UPDATE: The CBA announced this morning that it would cut its standard variable mortgage rate by 100 basis points.
Related Posts (by topic or by writer):
More information about TFA Staff and other articles
.
To contact or send a feedback to TFA Staff, please use the comments box below .
Readers Comments // Messages