Just wanted to give you a quick update: the Reserve Bank announced today at its monthly meeting to further cut the cash rate to a low 0.75%.
CBA have moved quickly; they haven't passed the full rate cut for their clients - 0.13% decrease for existing variable home loans (owner occupied and investment), and the full 0.25% rate cut for investment home loans that are on interest only repayments.
All the other banks are expected to follow, and details will be published online soon, so please keep an eye out for your variable home loans!
As a suggestion, to get on top of the interest rate cuts, and further beat the interest is to continue paying as you were on your earlier rate or whatever extra amount you can afford to repay back, so you can enjoy long term savings, accumulated redraw, and years off the loan!
Have a great week and speak to you soon, take care.