NAB Joins Westpac & Commonwealth In Dropping Fixed Rates

As speculation increases that the Reserve Bank will probably be lowering interest rates the NAB has joined Westpac and Commonwealth in dropping interest rates on fixed- term loans.

Shane Oliver AMP Capital Investors chief economist predicted yesterday, that the RBA would cut interest rates twice, over the next six months bringing official rates down to 4.25 per cent by the beginning of next year.

Most economists are anticipating that at worst the RBA will keep rates on hold at 4.75 per cent, but the majority are predicting, that there will be rate cuts starting later this year or at the beginning of next year.

The general feeling amongst economists is that variable mortgage rates will fall one percentage point by Xmas, which would be a saving of about $200.00 a month on an average $300,000 home loan.

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Published on August 8-th, 2011 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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