Mortgage News

Reserve Bank cuts interest rates to historic low of 1.25 per cent

Reserve Bank cuts interest rates to historic low of 1.25pc. target now sits at the historically low level of 1.25 per cent.. a huge surprise if the Reserve Bank doesn’t cut interest rates.

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As the reserve bank board was debating its historic. point cut in the cash rate would have on an economy which, as the RBA.

The Reserve Bank cut interest rates to a historic low of 1 per cent last Tuesday and federal Parliament passed $158 billion.

The Reserve Bank has made the historic move of cutting interest rates to an all-time low of 1.25 per cent, ending weeks of frenzied speculation.

In the first official rate move in almost three years, the reserve bank announced it will lower the cash rate from 1.5 per cent to 1.25 per cent. The reduction has been widely anticipated, and comes after the RBA signalled it could cut interest rates last month to curb unemployment rising.

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All four big banks have said they will cut their home loan interest rates after the Reserve Bank of Australia announced a cut to the official cash rate – the first movement in almost three years. While Commbank and NAB said they’ll pass on the entire 0.25 per cent drop, Westpac will only pass on 0.2 per cent and ANZ will cut it’s rates by 0.18.

The OCR influences the rate at which lenders borrow and the interest rates paid to depositors. In May the Reserve Bank cut the OCR to a record low of 1.5 per cent, causing banks to cut both.

That makes it the first bank to go below 3 per cent, only days before the June meeting of the Reserve Bank which is considered almost certain to cut the cash rate to the historic low of 1.25 per cent.

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The Reserve Bank of Australia has cut official interest rates to 1 per cent, the lowest level on record, as it tries to boost the economy enough to drive down unemployment and lift wages.

After the Reserve Bank recently cut the cash rate to a record-low 1.25 per cent, a raft of lenders slashed their interest.