The Reserve bank has cut official interest rates by another 25 basis points.
For the second time this year to a record low of 2%
If passed on in full it will save home borrowers with a $300,000 loan about $47 per month.
ANZ has already passed on the cut in full to make there standard variable rate now 5.38%
Its a great for anyone with a variable loan or anyone looking to buy.
The first rate cut in February was followed by increased buying activity and prices going up.
So maybe it is also good for the seller.
RBC Capital Markets senior economist Su-Lin Ong said it is a firm indication that there would not be more rate cuts over the next few months.
“There is a good chance the cash rate will go bellow 2%, but we know the hurdle to cut further is high.
It won’t happen until much later this year” she told Reuters.
So it is good times in the housing market in Australia so enjoy it while the rates are at the lowest ever.
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