Another Rates Drop
The Reserve Bank of Australia (RBA) has announced today the 3rd of February 2009 that the Official Cash Rate will decrease 100 basis points.
Therefore the Official Cash Rate has declined to 3.25%.
The Federal Government lead by Kevin Rudd has urged all of the leading banks and financial institutions to pass on this full decrease and to stop their greedy profiteering.
The current RBA interest rate is now at its lowest level since 1964, as the Reserve Bank urgently seeks to head off the threat of Australia sliding into recession in 2009.
Today’s rate cut follows four consecutive cuts in the last four months of 2008. The RBA has now shaved a massive 4 percentage points off official interest rates since last September.
For a family with a $400,000 home loan this equates to a total saving of more than $1,000 a month in repayments, as assuming lenders pass on the cuts in full.
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