The RBA cuts the cash rate on Melbourne Cup.
The Reserve Bank of Australia has cut the cash rate by 15 basis points to a record low of 0.10 per cent.
Sally Tindall, RateCity Research Director, said: “This announcement puts immense pressure on the banks to pass it on to their existing variable home loan customers.”
“Call your bank, find out what they intend to do. If they don’t pass on a full cut, shop around in what remains an extremely competitive market,” she said.
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