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By Terry Ryder, 5th June 2012
The Reserve Bank today delivered another interest rate cut. The RBA board announced a reduction of 25 basis point in the official rate, which is now down to 3.5%.
At its previous meeting, on 1 May, the RBA cut the official rate 50 basis points from 4.25% to 3.75%.
The decision will boost property markets that are on the cusp of a recovery. It will also be the catalyst for prospective buyers who have been fence-sitting.
But the key factor, once again, is the degree to which this cut will be passed on to borrowers by major lenders.
Folllowing the 0.5% RBA cut on 1 May, most major lenders passed on about 0.35%. Since September 2008, major lenders have withheld 0.7% in interest rate reductions, according to research by RateCity.
ENDS
Terry is the owner and creator of hotspotting.com.au, which provides information to property investors on how to identify emerging markets before they’re common knowledge.
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