Switching home loans, best online alcohol, Christmas gift card: This week’s best banking news
All in this week’s best banking news recap: editor’s pick.
Read MoreAll in this week’s best banking news recap: editor’s pick.
Read MoreAll in this week’s best banking news: editor’s pick.
Read MoreAll in this week’s best banking news: editor’s pick.
Read MoreAll in this week's best banking news: editor’s pick.
Read MoreAll in this week’s best banking recap: editor’s pick.
Read MoreBy now, you’ve probably heard that the Australian cash rate has hit an all-time low after the Reserve Bank of Australia brought it down to 0.10% on the 3rd of November 2020. You might be wondering how this could impact you.
Read MoreIf you read finance news around the web, you’ll know that a lower official cash rate - like our newly struck upon benchmark of 0.10% - aims to stimulate household spending and housing investment. In other words, the lower cost of borrowing money means household wealth and cash flow should increase.But not all rate cuts are equal. For example, if you backtrack to the GFC in 2008, the Reserve Bank cut the official rate from 7.25% down to just 3% in less than a year. This rather dramatic series of cuts is said to have helped Australia stay out of a recession back then, notably making home loans much cheaper. It’s not really certain however, how an already very low rate dropping to near-zero will shift our mindsets ... or our money. Ultimately if you need to borrow money right now, you should still do your homework.
Read MoreAll in this week’s best banking news: editor’s pick.
Read MoreAll in this week’s best banking news: editor’s pick.
Read MoreAll in this week’s best banking news recap: editor’s pick.
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