Business
The RBA’s cut interest rates, but that doesn’t mean your home loan will automatically get cheaper – ABC News
The major banks haven’t passed on yesterday’s 0.15 per cent interest rate cut to variable home loans, but rates on some fixed term home loans have been slashed.
After the Reserve Bank cut interest rates to a new record low, the key question for people with mortgages and would-be borrowers is will the banks pass the cut on to home loan customers?
Key points:
- The Commonwealth Bank, NAB and Westpac cut interest rates on new fixed rate home loans
- Rates on fixed loans have fallen more than standard variable rates this year
- The Reserve Bank governor says borrowers should try to renegotiate or switch lenders if they don’t get a rate cut
So far, there hasn’t been…
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