Many of us got a shock when the Reserve Bank of Australia met last week. After ten consecutive months of no movement the Reserve Bank dropped official cash rates by 0.25% to a historically low level of 1.75%.
We were then pleasantly surprised when some of our major Banks and lenders quickly announced that they would pass on the full 0.25% p.a. reduction to variable rate loans– albeit in most cases some weeks down the track.
So now a week later the question most borrowers are asking is – Did my lender drop their variable interest rates? If so, was it the by the full 0.25% p.a.?