Business
It’s about to get tougher for retirees living off their savings – Sydney Morning Herald
Savers are likely to be earning a pittance on their money for years before interest rates rise.
Last week, the Commonwealth Bank the nation’s biggest home lender cut some variable rates across owner-occupier and investment loans for new customers by up to 0.15 percentage points. Its lowest variable rate dropped 0.1 percentage points to 2.69 per cent, figures from RateCity show.
A few smaller lenders already offer mortgages at interest rates of less than 2 per cent.
As always, a lower official cash interest rate is a double-edged sword.
For retirees who live off their savings, it will be…
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