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Another 25 basis point interest rate cut is good news for home owners balancing a mortgage, and for those thinking of entering the property market, said Professionals CEO, Ted Piteo, after the RBA announcement yesterday.
Even better, the NAB, Westpac and CBA all reacted swiftly, passing on the cut in full. Westpac went beyond the RBA’s 0.25 per cent reduction, cutting its standard variable rate by 0.28 per cent, effective from August 19.
The RBA last cut interest rates in May, and as predicted by most analysts today’s 25 basis point cut brings interest rates to 2.5% and cuts $45 per month from the repayments on an average $300,000 home loan.