Home loan rates drop
Tuesday September 2, 2008
Home loan rates have been lowered by the RBA to 7.00% from 7.25% which is great news for home loan borrowers. While some economists were expecting a larger drop of 0.5%, this will save many home owners a massive amount on their home loans.
Some banks have been reluctant to pass on this saving, so many borrowers may consider refinancing their home loan while interest rates are still looking to drop. This could lead to greater competition between the banks which could improve the likelihood of home loan lenders passing on rate drops in full.
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