The Reserve Bank of Australia (RBA) has reduced the official cash rate to a historic low of 0.10%.

At today’s meeting, the Reserve Bank of Australia (RBA) has announced that the official cash rate will be reduced by 0.15% to a historic low of 0.10%. This is to further support the economy as it recovers from the COVID-19 impacts.

The coronavirus crisis continues to present challenges to the recovery of the Australian economy.

It was widely tipped that the RBA board would decide to apply further monetary easing. The CPI for the September quarter is expected to show inflation below target yet again. Given the likelihood that inflation and the labor market will not meet RBA targets for some time the additional official rate cut was not unexpected.

As at 3 November no major lenders have responded with official statements in relation to their respective official home loan rates.

LJ Hooker Home Loans is currently offering our lowest variable and fixed rates on record and will make rate announcements in relation to this official interest rate cut in the coming days.

This is continued great news for borrowers and if you’d like to know more about your home loan options amid the current low interest rate environment, please complete your details below and one of our lending specialists will be in touch. Our team are available for a simple phone or web based chat.

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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.