Reserve Bank slashes interest rates again to fight recession
Stephen McMahon
December 02, 2008 02:31pm
HOMEBUYERS are set to save almost $200 a month with the Reserve announcing a massive 100 point cut to official interest rates.
The new official cash rate is 4.25 per cent
The cut will lower the average repayment on a $300,000 mortgage by $193 a month.
The NAB and Commonwealth banks have already announced the full cut will be passed to borrowers, while Westpac has announced a .8 per cent cut for its customers. The ANZ is yet to reveal the extent of its cut.
And the good news for buyers is set to continue with the RBA expected to announce further cuts in coming months.
The futures market is betting the RBA will follow up today's 100-point reduction with a raft of cuts that will take rates to below 3 per cent by March.
http://www.news.com.au/heraldsun/story/0,21985,24739883-661,00.html
