Reserve Bank Of Australia Drops The Cash Rate To Two Per Cent

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May 5th, 2015

HOMEOWNERS will have about $47 more in their pockets a month thanks to today’s interest rate cut.

The Reserve Bank of Australia has slashed rates for the second time in 2015 with the cash rate plummeting to a record low of two per cent after the latest fall of 25 basis points.

Figures by financial comparison website Finder.com.au show on a $300,000 30-year home loan the average standard variable rate is 5.25 per cent and the monthly repayments are $1667.

The latest drop will see an additional $47 in customers’ hands.

The news comes just one week out from the delivery of the nation’s Federal Budget by Treasurer Joe Hockey which is expected to be a tamer budget than in 2014.

But for now all eyes will be on the financial institutions today to see who is first to pass on the rate falls.