The Reserve Bank of Australia has moved to cut interest rates to a new record low of 0.75%.
It’s a move welcomed by the REINSW, with CEO Tim McKibbin calling it a win for current and future homeowners.
“This decision to cut rates will come as a welcome relief for homeowners servicing a mortgage.
“Recent Corelogic data has revealed at least 7% of homeowners are struggling to meet their loan repayments right now,” says McKibbin.
“This rate slash is also one less economic factor working against people attempting to buy into the property market, meaning more people can realise their dream of owning a home.”
Mr McKibbin added that he expects banks to pass on the 25 basis point cut.
“The rate was changed for a reason, the big banks should do the right thing and deliver the full cut to their customers.”
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The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offers training and ongoing professional development. For more information, visit reinsw.com.au.