Business
The $13,750 reason it’s a good time to borrow money – Yahoo Finance Australia
It’s a lot cheaper to service a $500,000 mortgage than it was a decade ago.
Interest rates have never been lower.
The recession, disastrous labour market conditions and worryingly low inflation has seen the Reserve Bank of Australia cut official interest rates to 0.25 per cent.
It has done this for two main reasons.
For those existing borrowers with debt, monthly interest payments have been slashed, which frees up cash flow and allows those borrowers to ramp up their spending with this surplus cash elsewhere in the economy.
The other reason for such low interest ra…
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