Official cash rate to a new record low of 1.75 per cent (Tuesday 3rd May 2016)

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The Reserve Bank of Australia decided to slash the official cash rate from 2 per cent to a new record low of 1.75 per cent.  In the past, rate cuts were generally passed on to borrowers. However in recent times, Financial Institutions consider their  cost of funds before they  make a decision to pass on the full rate cut, a partial rate cut or keep “as is”.

So what do you do now? Well you can either ignore this blog and go along your business as usual, or check your loan statements now. Are you being charged a market rate or  close enough or is the  rate  much higher?

This is just a friendly advice… wait a few days, check any rate  movements and if you are not happy, then contact your lending institution or finance & mortgage broker  to do something about it. Better the savings in your  pocket than in someone else’.

All the best and enjoy the rest of the day,

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