Interest rates go down again
Tuesday February 3, 2009
Interest rates have been lowered by 100 basis points to 3.25 percent. Since September, the RBA has lowered interest rates by 400 basis points in attempts to help boost Australia's economy. Australian interest rates are now at a 45 year low.
If the banks pass on the full 1 percent, homeowners with an average $250,000 on variable mortgages will see potentially $162 taken off their monthly payments.
So far, only Westpac has announced an interest rate cut of the full 100 basis points. Other Australian banks have not yet announced any interest rate cuts. Prime Minister Kevin Rudd and Treasurer Wayne Swan have urged Australian banks to pass on the interest rate cut to homeowners.
The Reserve Bank took into account the $42 billion stimulus package that was announced by the Australian Government earlier today. This new stimulus package has been designed to help boost the Australian economy to help Australia avoid the overseas economy troubles.
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