RBA Rate Cut Delays: Why Your Mortgage Relief May Be Late
Good news! The Reserve Bank of Australia (RBA) has cut its cash rate again. This should mean lower mortgage payments for you. But many people are not seeing the change yet. Why? Because of RBA rate cut delays. Some banks are waiting weeks to pass on the savings.
The latest cut was 0.25%. This is a welcome change for homeowners. A borrower with a $750,000 home loan could save about $111 a month. But banks are not all the same. They do not pass on the cut at the same time.
Why Do Banks Wait?
Many of the big banks are making their customers wait. For example, NAB said it would wait 13 days to pass on the cut. Westpac said it would wait 14 days. These delays add up. They mean you pay more in interest while you wait.
One home buyer, Andrew, found a bank that was much faster. His bank, Macquarie, passed on the cut in just three days. This saved him nearly $400 a month after all three cuts this year.
This shows that your choice of bank is very important.
How a Broker Can Help with RBA Rate Cut Delays
With banks acting so differently, it is hard to know what to do. This is where an expert mortgage broker is key. We do the hard work for you. We can help you:
- Find lenders who pass on rate cuts quickly.
- Compare many loans to find the one with the best rate.
- Understand refinancing. You can switch banks for a better deal. To learn more about this, read our article on refinancing your home loan.
There are many loans out there with great rates. Some even have rates below 5%. We can help you find one that fits your needs.
The government’s Moneysmart website has tips on switching loans. You should check it out. You can also read more about the banking sector from the APRA website.
Ready to Get Your Savings Sooner?
Don’t wait for your bank. Let an EZ Mortgage Broker help you find a lender that puts your savings first.
Contact EZ MORTGAGE BROKER today for a free chat.
- Phone: 1300 050 099 or 044789007
- Email: [email protected]
Important Information:
Mortgage Broker Online Pty Ltd, ABN: 28 657 661 615, Credit Rep Number 538522. AFG Accredited Member (AFG Australian Credit Licence: 389087).
