Interest Rate Increases May 2022- On Tuesday 3rd May 2022, the Reserve Bank of Australia announced the first increase to the Australian cash rate in over 11 years. See how each lender is responding with increases to home loan rates.
Australian housing values increased a further 1.6% in August which is a higher rate than average for Australia but the lowest monthly increase for 2021.
Interest Rate Reductions – On Tuesday 3rd November, the Reserve Bank of Australia announced a reduction to the Australian cash rate of 0.15% bringing the new cash rate to a record low of 0.10%.
Banks support for customers impacted by Coronavirus. Australia’s lenders have developed clearly defined financial relief strategies to support customers financially affected by the Coronavis pandemic.
On Tuesday 3rd March, the Reserve Bank of Australia announced another reduction to the Australian cash rate of 0.25%. This is the fourth reduction since June 2019 bringing the new cash rate to a record low of 0.50%.
A deposit bond is like a financial guarantee to the vendor for the 10% cash deposit normally paid when exchanging contracts to purchase a property. In instances where a purchaser does not have the full 10% deposit required to exchange contracts, they provide a deposit bond as a cash substitute, no money actually changes hands until settlement.
On Tuesday 1st October, the Reserve Bank of Australia announced another reduction to the Australian cash rate of 0.25%. This is the third reduction in 5 months bringing the new cash rate to a record low of 0.75%.
For the second month in a row the Reserve Bank of Australia have reduced the cash rate to a new record low of 1%. That’s a 0.25% drop from last month. Australia now has the sixth lowest interest rate worldwide.
The RBA slashes the cash rate to 1.25% – It’s time to celebrate! This is the news we’ve been waiting for and as many predicted, today the Reserve Bank of Australia made history by reducing the official cash rate by 25 basis points to a record low of 1.25%.
