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Another rate cut – 18 lenders will now cut rates up to 0.25% has reported that the 4 big banks will now offer variable interest rates under 3%, with the lowest being NAB at 2.84%. 14 other lenders have also announced they will be doing the same, with even more lenders soon expected follow shortly.

What this rate cut means for homeowners:

The Reserve Bank of Australia (RBA) has stated that the reasoning for reducing the cash rate to a record low of 0.50% was heavily influenced by the dangers to the economy due to the Coronavirus, Australian bushfires fears of a recession.

Big bank rate cuts – effective dates: CBA rates effective 24 March 2020

Westpac rates effective 17 March 2020

NAB rates effective 13 March 2020

ANZ rates effective 13 March 2020

As most families will now have over $50 back in their pocket every month, it will be interesting to see if this increases spending in local communities and gives a boost to the economy.

What are your thoughts on the recent rate cut?

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