We found out yesterday that the RBA were making a further cut to interest rates down to 0.1%!
We are still waiting to hear from the big four banks on what rate they will be passing on
But what does that mean for you and your home loan?
When Banks cut their rates, it is on fixed rate home loans – meaning you will set in (fix) your home loan rate for a certain period of time (usually up to about 4 years).
If you have a variable rate home loan – it will remain unchanged
If you are thinking of fixing your rate or taking out a new home loan – get in touch!!