At its meeting today, the Board decided to reduce the cash rate by 25 basis points to 3.0%, effective 5 December 2012. If the full cut is passed on, it would save someone with a $300,000 variable rate mortgage around $60 per month.
Fixed rates may be worth considering in this current market. The 3 year fixed rates are at their lowest point since January 1999. If you haven’t reviewed your mortgage in the last 2 years, we would be happy to do it for you.
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