Boost for home owners: cash rate falls to 3.50%

6th of June 2012 | by RateCity Staff

Reserve Bank lowers cash rate to 2 and-a-half-year low at 3.50%. Spending should receive a boost with $184 per month in pockets of households with a $300,000 variable rate mortgage after 4 rate cuts*. But many borrowers still paying more than they were in 2009 – average standard variable rate is 58 basis points higher than November 2009

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