February 2009: RBA cut official cash rate to 3.25%

The Reserve Bank of Australia has cut the cash rate by 100 basis points to 3.25 per cent, its lowest level since 1964.

This move by the Reserve Bank of following its board meeting in Sydney on Tuesday was in line with what most economist were expecting.

This cut today will save a mortgagee with a typical 30-year, $300,000 home loan about $170 in monthly repayments if the lender passes on the fall amount. Over the life of the loan this savings would equate to $60,000 plus.

The RBA has now cut a four full percentage points off its cash rate since it started back in September 2008.

To find out how much of the rate cut was passed to consumers by banks and lenders, please visit "Home Loans Interest Rates - February 2009" article.

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Published on February 2-rd, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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