After the Reserve Bank of Australia reduced the official cash rate from 4.35% to 4.1%, Australian banks were quick to announce their timelines for passing these cuts on to mortgage holders.
Homeowners across the country can anticipate financial relief as early as this week, thanks to this modest yet significant rate cut.
This reduction has spurred a notable shift in borrower behaviour; Mozo reported that 35% of Australian borrowers are now considering refinancing their mortgages in response to the recent RBA decision, with 14% already proceeding with their plans.
Yahoo Finance has provided a detailed timeline of when banks’ rate cuts will take effect, following the RBA’s recent decision.
Several lenders have already adjusted their rates in response to RBA’s announcement, with others planning staged rollouts over the coming days and weeks:
To help homeowners prepare, here is a detailed timeline of when major and minor banks will implement these rate cuts:
The rate reduction is expected to save homeowners between $40 to $190 monthly, depending on their current loan size and terms. These savings will vary significantly based on location, with Sydney homeowners likely to see the highest reductions, Yahoo Finance reported.
