Interest rates take a hit


7 October 2008

Bigger than expected interest rate cuts were handed out today by the RBA. Interest rates fell from 7% to 6%. This is the first time interest rates have been lowered a full percentage since May 1992.

Australians with variable rate loans may benefit from this decrease - if banks accept the full drop and pass them on to their customers. Presently, banks are expected to pass on only a fraction of the interest rate cut. Even a small decrease in bank interest rates may help borrowers.

Originally the RBA was expected to lower interest rates by 50 basis points. It was a surprise to many that the drop was by 100 basis points.

This drop in interest rates is an encouraging sign that borrower's costs will be reduced. With the global credit crisis, measures are being taken to prevent Australia from experiencing further effects and to protect Australia's economy.

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