On the 3rd November, 2020, the Reserve Bank of Australia has reduced the cash rate target to 0.1 per cent.
This is the first change since March 2020, when it was reduced to 0.25%.
Source: rba.gov.au/media-releases
Do you get paid Interest on the money that you have saved in your Australian bank account?
Have you noticed how much the interest rate has dropped in the year, and how the changes tied in with the Reserve Bank of Australia [RBA] … Read the rest
The RBA reduced the Reserve Bank Cash Rate down to 0.75% at the beginning of October 2019.
Most banks have indicated they will bring their rates down, but not all will drop by the full 0.25%.
When the RBA reduces the Cash rate, as happened on the first Tuesday in June 2019 and again in July 2019, everyone talks about the savings that Mortgage Holders might get.
Interest Rate reductions may be a new … Read the rest
The RBA reduced the Reserve Bank Cash Rate down to 1.00% at the beginning of July 2019.
Most banks have indicated they will bring their rates down, but not all at the full 0.25%.
UBank
Ubank are passing on the full rate … Read the rest
The RBA reduced the Reserve Bank Cash Rate down to 1.25% at the beginning of June 2019, and most banks followed by reducing their Interest rates on Home Loans.
Some examples are shown below:
(Note: One bank that only reduced by 0.22% … Read the rest
News reports are showing that over 40 lenders (including the major banks) have dropped their interest rates on many fixed home loans since the beginning of 2019.
Some are down to as low as 3.49% for a three year term.
However, instead … Read the rest
October 2009
The RBA increased the Base rate by 0.25 to 3.25% in Oct 2009
The big banks are now quoting the following rates for their Standard Variable Rate Home loans in October 2009.
These rates are to come into effect in … Read the rest
6 October 2009
At its meeting today, the Reserve Bank Board decided to raise the cash rate by 25 basis points, to 3.25 per cent.
Statement by Glenn Stevens, Governor: Monetary Policy
For many years Australia has had higher interest rates than many other … Read the rest
