Borrowers & Home Buyers will be rejoicing the decision of the Reserve Bank Board to reduce the Official Cash Rate to a NEW RECORD LOW 1.25%.
Banks are already under pressure to pass on this rate cut in full to their customers with the Federal Treasurer Josh Frydenberg having already holding meetings with the Big 4 Banks to remind them to remain “Customer Focussed” which was a key recommendation of the recent Royal Commission.
The new government is keen to ensure this happens & senior economists agree the banks can’t afford to be stingy or else they will face a wave of borrowers seeking better offers from other banks.
Keep an eye out for the upcoming announcements by your bank and if you are not happy … CONTACT US and we will be more than happy to negotiate with the bank on your behalf.
