Business
RBA tells mortgage holders to switch lenders if rate cut not passed on – Sydney Morning Herald
Mortgage holders have been urged to switch lenders if their interest bill is not cut in response to a massive package of measures from the Reserve Bank to support…
The bank also cut to 0.1 per cent the interest rate it charges the nation’s banks on a $200 billion line of credit that has been put in place to offer cheap money to small and medium-sized businesses. The interest rate it pays banks that leave money overnight with the RBA has been taken to zero.
Its biggest move was to announce it would buy $100 billion in federal and state government bonds over the next six months in a bid to drive down the interest rate on five and 10-year bonds.
It will split…
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