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Reserve Bank Interest Rate Annoucement February

Reserve Bank Interest Rate Annoucement February

05 Mar, 2013 - 1 min read

February update: RBA leaves rates on hold

At its first meeting for the year the Reserve Bank of Australia (RBA) has held the cash rate unchanged at 3 percent.

While most variable home loan customers would have been hoping for news of a rate cut today, RateCity says it’s still possible that financial institutions will go it alone, with out of cycle rate cuts.

Lenders have kept on average 40 basis points of the RBA’s 175 basis point cuts and with wholesale funding pressures reportedly lower, lenders have room to move.

But borrowers should not hold out for the Reserve Bank or their lender to cut rates, if they want a discount on their home loan. Using a website like RateCity borrowers could find significant savings by comparing home loans and refinancing to a lower interest rate.

Don’t wait for a rate cut, get online and cut your own rates for even bigger savings now!

Disclaimer

This article is over two years old, last updated on March 5, 2013. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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Laine Gordon

Money Editor

Laine Gordon is the Money Editor at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.