Reserve Bank cuts interest rates to record low of 0.1% during COVID-19 recession
In an extraordinary move, the Reserve Bank of Australia has cut the official cash rate – lowering it by 15 basis points to a new record low of 0.10%.
The decision was made because the coronavirus crisis presents unique challenges to the Australian economy.
Over the next several days, banks and lenders may announce adjustments to their interest rates in response to this historic drop.
This is great news for borrowers so please get in touch if you'd like to discuss your options.
For more information regarding your personal situation please contact Regional Finance Brokers on 02 6885 0588