Rate cuts 'present great opportunities'

The recent slew of interest rate cuts present Aussies with some great opportunities to bag low-interest home loans and other products, one expert has claimed.

Speaking to the Daily Telegraph, AMP chief economist Shane Oliver said that now is a better time than ever to pick up home loans, while other deals on car loans or credit cards may also be found.

“There is an enormous amount of stimulus in the system, so if consumers can’t find great opportunities now, they never will,” he insisted.

As a result of the recent cuts, Aussies can save around $560 a month on a typical $300,000 home loan.

Meanwhile, many households may also be benefitting from the lifted burden of high fuel prices, with an average of $72 saved on petrol each month.

Following the 100 basis point cut announcement on Monday, Commonwealth Bank of Australia and National Australia Bank rushed to let their customers know that they would be passing on the reduction in full on their home loan products.ADNFCR-1761-ID-18910781-ADNFCR