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03 February 2009

RBA cuts Interest rates by 100 basis points

Westpac is the first big bank to pass on today's Reserve Bank rate cut, reducing its key rate by the full 100 basis points.

The Reserve has slashed the official interest rate by 100 basis points, potentially saving the average homeowner $186 a month.It is the fifth time in a row the central bank has cut rates since September.

Wayne Swan said other banks should follow Westpac's lead. This is likely to cause a very immediate and profound impact on the home-owner segment of the market.

Morpheus advice: Move quickly and secure your slice of property before the price hike (particularly in the lower to median price range).

Yours in property!

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