19/03/2020
Today, the RBA announced an out-of-cycle emergency rate cut to help the Australian economy withstand the impact of COVID-19.
The RBA has reduced the cash rate to a new record low of 0.25%.
If the COVID-19 crisis is affecting your financial situation, please get in touch so we can formulate a plan to manage your loan repayments during these unprecedented times.
The good news is that today's rate cut will hopefully lead to repayment decreases as outlined below across Australia's average mortgage sizes:
Loan Amount Examples Likely decrease in repayments
$150,000 $21.45 per month
$250,000 $35.75 per month
$350,000 $50.05 per month
$450,000 $64.35 per month
$550,000 $78.65 per month
$650,000 $92.95 per month
As you're probably aware, lenders review rates independently of the RBA and some may decide to pass this rate cut on to customers at different levels over varying time frames.
I can help you secure the right deal for your circumstances from a wide panel of lenders offering home loans with great features, low fees and competitive interest rates.
If you'd like to chat about the best way to manage your mortgage as the COVID-19 crisis continues to unfold, please don't hesitate to give me a call.
Kind Regards,
Gaurav Chandiram
Perfect Mortgage Services
Australian Credit Licence: 389087
Mailing Address
8 Mallard Drive
Altona North VIC 3025
Contact Details
Mob: 0433 147 186
Email: [email protected]
Web: www.perfectms.com.au
