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Reserve Bank cuts rates, banks follow
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As predicted, the Reserve Bank cut interest rates by 0.25 percent today, kicking off what is expected to be a prolonged period of rate reductions.
Economists had widely expected the decision, although some had predicted the Reserve Bank would move more aggressively and cut rates by 0.5 percent. However, further cuts remain on the cards with several economists calling for three further cuts in the coming year.
Analysts at ANZ Bank are tipping that rates will drop to 5.75 percent by mid-2010.
Prime Minister Kevin Rudd, speaking in Parliament shortly after the decision, said the cut was good news for home owners.
"This interest rate decision is welcome, but it is not a day for celebration. Interest rates took a long time to rise, they will take a long time, a long time to come back down, and the road will be a very uneven one,"
Nab, Commonwealth Bank, ANZ and Westpac announced they are cutting rates on variable mortgages by 0.25 percent just minutes after the RBA decision was announced.
Your say: were rates cut too late?
Housing Industry Association cheif economist Harley Dale said the RBA did not go far enough. "A larger reduction in rates was required to ensure the massive shortfall in Australia’s housing stock begins to turn around as soon as possible," he said. "A significant reduction in rates over the remainder of the year would not only attract much needed investment in new residential construction, but also ease inflationary pressures stemming from extremely tight rental market conditions. A win-win situation."
While the rate cut is expected to provide some relief for home owners — the Housing Industry Association recently predicted that a 25 basis point cut in rates would take 65,000 households Australia-wide out of mortgage stress — many remain in a difficult position.
Homeowners in NSW and Queensland are spending more than 40 percent of their income to meet mortgage repayments, according to the Real Estate Institute of Australia (REIA).
Higher interest rates and economic uncertainty have pushed housing affordability to its lowest level in the 22 years the REIA has been collecting data on the issue. Families in New South Wales and Queensland are doing it toughest, according to REIA, with the proportion of income required to meet loan repayments in those states increasing to 42.6 percent and 41.0 percent respectively in the June quarter.
What you will save from the rate cut:
Rate cut of 0.25 percent:
$200,000: $35 per month
$350,000: $61 per month
$500,000: $87 per month
$750,000: $131 per month |
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楼主:loushenghong
发表于 2008-9-1 18:11
并非炒汇，兴趣而已。。。(注：boxhill 中银换汇换的，用的是工商行的U盾，效果还成，即时到帐。同学们可以试试，不给中银作广告，大家最好多问几家）
难道不要手续费的吗？
