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The Reserve Bank cannot set interest rates solely for NSW. But if it could, rates would be about 2 percentage points lower than they already are, economists say. The Herald has calculated if the banks lowered interest rates by 2 percentage points - NSW borrowers with a $300,000 mortgage would be about $380 a month better off.
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A further major cut in interest rates to 4.25 per cent - the lowest point in seven years - would lower households’ monthly repayments by up to $200 on a standard variable loan of $300,000.
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Our customers can continue to expect additional out of cycle interest rate reductions.” Customers wishing to reduce their repayments to reflect the interest rate reduction or who are seeking some financial advice should contact their branch or our home loan hotline on 13 22 24.
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At its meeting today, the Board decided to reduce the cash rate by 75 basis points to 5.25 per cent, effective 5 November 2008.
World financial markets have remained turbulent over the past month. Global equity prices have been volatile and fell further in net terms, and there have been significant exchange rate movements, including a sharp depreciation of the Australian dollar. A number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time.
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Sydney and Melbourne prices both dropped by the national average, while Perth prices were down 1.1per cent.Retail sales fell by 1.1 per cent in September, with consumers deserting the shopping strips, leaving sales by small retailers down 3.3 per cent.Internet-based job advertisements are now down by 7.7 per cent from a year ago, whereas they were surging ahead by 22.8 per cent as recently as April this year.
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“Ongoing financial market turmoil and a deteriorating outlook for global growth have played a large role in shaping today’s decision,” Reserve Bank of New Zealand governor Alan Bollard said.
“Should the outlook for inflation evolve as projected we would expect to lower the OCR further,” said Mr Bollard.
Mr Bollard said the financial market turmoil meant “economic activity in New Zealand would be further constrained, relative to the outlook presented in our September monetary policy statement, by these international developments”.
theaustralian.news.com.au
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“The Reserve Bank’s recent moves in decreasing interest rates had an immediate impact and our property markets over the last three months have been correcting more slowly,” the report said, noting the low point for the Australian market came in May and June. www.theage.com.au
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Renters finally look set to gain some breathing space because of lower interest rates and the possibility of a global recession impacting on the Australian economy.
Read more on the story at news.com.au
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Australian interest rates are tipped to fall to the lowest level since the aftermath of the September 2001 terror attacks as the central bank worries about a recession. One Sydney academic is even forecasting an unprecedented zero interest rate by 2010 on the premise that debt-laden consumers will close their wallets and threaten to push the economy into a deep economic contraction. read more
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The Commonwealth Bank of Australia (CBA) has followed Westpac Banking Corporation and National Australia Bank Ltd (NAB) by cutting the interest rates on fixed rate home loans, by up to 1.55 per cent. read more
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