At its meeting today, the Reserve Bank of Australia decided to leave the cash rate unchanged at 2.5 per cent. For those who are unaware, the Reserve Bank sets the cash rate then Australian banks and lenders add their margin of approx. 1.8% to 2.5% to get the rate at which they lend to borrowers for loans and mortgages. Compared to historic rates, todays rates are some of the best on record. HISTORIC VARIABLE HOME LOAN RATES OVER THE LAST 50 YEARS- FEBRUARY 2014 – 5.23% FEBRUARY 2004 – 7.05% FEBRUARY 1994 – 8.75% FEBRUARY 1984 – 11.50% FEBRUARY 1974 – 8.38% FEBRUARY 1964 – 5.00% For those seeking to buy their first property, or those wanting to add to an existing port folio, there is no better time to do so. Please remember that the MOR Finance team is always willing to answer any queries you may have regarding property purchases and home loans.
Posted on: Tue, 04 Mar 2014 03:48:59 +0000
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