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Today, the RBA announced an out-of-cycle emergency rate cut to help the Australian economy withstand the impact of COVID-19.
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The RBA has reduced the cash rate to a new record low of 0.25%.
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If the COVID-19 crisis is affecting your financial situation, please get in touch so we can formulate a plan to manage your loan repayments during these unprecedented times.
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The good news is that today’s rate cut will hopefully lead to repayment decreases as outlined below across Australia’s average mortgage sizes:
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| Loan Amount Examples |
Likely decrease in repayments |
| $150,000 |
$21.45 per month |
| $250,000 |
$35.75 per month |
| $350,000 |
$50.05 per month |
| $450,000 |
$64.35 per month |
| $550,000 |
$78.65 per month |
| $650,000 |
$92.95 per month |
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lenders continue to review rates independently of the RBA with some already making reductions in anticipation of the RBA decision. It is therefore important to review your lending options regularly to ensure they remain the most suitable for your situation.
If you have any questions about these announcements or interest rates, please feel free to contact us.
To view interest only repayments you can calculate these by using one of our mortgage calculators or commercial loan calculator.
For more information regarding residential home loans, investment and commercial loans please visit Smart Search Finance.
