What does an interest rate cut mean for home buyers, home owners and sellers?
The Reserve Bank of Australia has slashed the official cash rate by 25 basis point to a new record low of 2.25 per cent after growing speculation of a cut. But what does this decision mean for you? Cheaper loans – Assuming the banks pass on the savings, it means money will be cheaper and home buyers can lock in finance at a lower rate – essentially more money in your pocket. The savings will depend on the amount borrowed and the mortgage product you sign up to. Read more: http://news.domain.com.au/domain/real-estate-news/what-does-an-interest-rate-cut-mean-for-home-buyers-home-owners-and-sellers-20150203-134t71.html