Today at 2.30PM the Reserve Bank of Australia has announced an 0.25 percent increase to the cash rate effective tomorrow the 7th October 2009.
This is the first increase to the cash rate since March 2008 when the cash rate was increased to 7.25 percent. Following the March 2008 increase to 7.25 percent the cash rate was lowered by 0.25 percent to 7.00 percent at the beginning of September 2008 then was reduced 1.00 percent in October 2008, 0.75 percent in November 2008, 1.00 percent in December 2008, another 1.00 percent in February 2009 and finally another 0.25 percent in April 2009 to 3.00 percent.
If you are wondering how your existing home loan compares to other home loan options you can easily send us all your information using the online enquiry form over at Home Loan Refinance and we can calculate are range of options using our advanced home loan qualifier and comparative software.
Home loans almost always include various fees and charges and without taking these additional costs into account, comparing home loans by interest rate alone can be almost meaningless.