The Reserve Bank of Australia (RBA) has cut official interest rates by 25 basis points to 4.50 per cent at its board meeting on November 1, 2011. It was the first interest rate cut by RBA in two and a half years.
RBA decision to cut official cash rate met the expectation of financial markets:
Over the past year, the Board has maintained a mildly restrictive stance of monetary policy, in view of its concerns about inflation. With overall growth moderate, inflation now likely to be close to target and confidence subdued outside the resources sector, the Board concluded that a more neutral stance of monetary policy would now be consistent with achieving sustainable growth and 2-3 per cent inflation over time.
Westpac, Commonwealth Bank and ANZ have all followed with 25-basis-point cuts to their Standard Variable Rates and NAB cut its Standard Variable Rate only by 20 basis points. Still NAB has the lowest Standard Variable Rate among Big Four at 7.47%. However best mortgage rates are always NOT with Big Four. So please fill out the form on this page and make sure you don't miss on the best Home Loan deal following this RBA decision...