February update: RBA leaves rates on hold
At its first meeting for the year the Reserve Bank of Australia (RBA) has held the cash rate unchanged at 3 percent.
While most variable home loan customers would have been hoping for news of a rate cut today, RateCity says it’s still possible that financial institutions will go it alone, with out of cycle rate cuts.
Lenders have kept on average 40 basis points of the RBA’s 175 basis point cuts and with wholesale funding pressures reportedly lower, lenders have room to move.
But borrowers should not hold out for the Reserve Bank or their lender to cut rates, if they want a discount on their home loan. Using a website like RateCity borrowers could find significant savings by comparing home loans and refinancing to a lower interest rate.
Don’t wait for a rate cut, get online and cut your own rates for even bigger savings now!