The Real Estate Institute of Australia (REIA) has welcomed today’s Reserve Bank of Australia’s (RBA) second rate cut for this year, which has dropped the official interest rate to a new record low since the late 1950s.
REIA President, Neville Sanders, says “With an official interest rate of just 2.0%, most home owners can expect to be paying an average of 5.3% and so the RBA Board’s decision will help home owners on an average loan by around $70 per month but the lenders need to pass on this rate cut to borrowers in full.”
“The recent low rates have allowed many Australians to enter the property market, however borrowers should remember that interest rates will inevitably rise as the economy strengthens and they should not overreach themselves,” added Mr Sanders.
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REIA News – August 2020