The Reserve Bank’s announcement today of a drop in the Official Cash Rate by 25 basis points to 2.25% came as a a modest surprise as we have been of the opinion that there was a 50/50 chance of this happening. In saying that, all interest rate reductions are gratefully accepted. This should result in a reduction of the floating rate by 25 points, and there is a chance of modest reductions in the 6 and 12 month rates.
Either way, now could be the perfect time for you to think about your loan!
Give the team at Tony Mounce Mortgages a call to review your present interest rate structure, or, if you’re wanting to step on to the property ladder, to discuss acquiring a new mortgage.