The Reserve bank of Australia today announced our lowest rates on record with a 0.25% rate reduction. The cash rate now sits at 1.50%pa.
CBA has been the first to move announcing a partial reduction on the standard variable rate (SVR) of 0.13%pa. Which was expected as the bank has been saying they are under pricing pressure from the changes to the funding requirements. Their fixed rates will likely change over the coming weeks as the bank adjusts to the new pricing environment.
For more information on how the RBA came to this decision please follow the link to their page. http://www.rba.gov.au/media-releases/2016/mr-16-18.html
We will be posting the other banks announcements as they are released. Though normally if one bank doesn’t drop the full amount then the other banks will follow suit. So stay tuned and we will see what this all looks like soon enough.
P.S. If you are looking to refinance it might be worth waiting 2-3 weeks till the dust settles.