Happy Christmas! Rates are down to 4.25%!
An early Christmas present has arrived in the form of an interest rate cut! Active as of today (7/12/11), it's hoped that this rate reduction will encourage consumer spending and help protect the economy from the downturn experienced in Europe.
Despite rumours that the rates wouldn't change again until next year, this is now the second consecutive month in which the Reserve Bank of Australia has decreased the rate.
According to the RBA Governor, Glenn Stevens, "the likelihood of a further material slowing in global growth has increased" which could make this rate cut necessary to help keep the economy ticking along.
An official interest rate of 4.25 per cent means you could see about $48 a month taken off the average $300,000 variable loan. A figure that really adds up in the long run!
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yes it would be nice, but where is the cut??????????
over a year ago by scott
