The Reserve Bank has today announced further cuts to the cash rate, lowering rates by 25 basis points to the historic low of 1.5 per cent, from August 3.
The news today comes at a perfect time for home buyers as the countdown begins for the end of winter and start of spring - the traditionally busy home buying season!
One outcome of this decision will be increased consumer spending in retail, housing and lifestyle, which in turn has the flow on effect of creating new employment opportunities and stimulating economic growth overall.
Colin Sheppard from Loan Studio explains how this rate translates to the everyday mortgage.
‘Based on the average Australian mortgage of $400,000 the full 0.25 per cent discount off your interest rate translates to a saving of $60 per month and $21,765 in interest savings over the life of the loan.'*
The impact to current and potential mortgage owners is significant, making homeownership and that seemingly elusive Great Australian Dream much more of a reality. Now is the time to take a tour of the Carlisle home design range, and take the first step to a new life in your dream home. For more information on your home finance options check out our Financial Services.
*Savings calculations based on nominated lending institution passing the full rate discount to customers.