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Reserve Bank interest rates cut to historic low of 1% – as it happened

Via the Guardian Summary And that’s where we will leave the blog for today. The full report is coming up – with more updates and reaction.  To recap:  The Reserve Bank cut the cash rate to a historic low of 1%. The RBA governor, Philip Lowe, sounded an optimistic note, saying Australia’s growth was “on-trend” …

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Has your bank passed on the RBA’s back-to-back interest rate cut?

Anastasia Santoreneos via Yahoo Finance Update: Westpac passes on 0.20 per cent p.a cut for owner occupiers and a reduction of 0.30 per cent p.a. for investors with interest only repayments. Westpac cuts rates by 0.20 per cent for owner occupiers and 0.30 for investors with interest only repayments. NAB has passed on a 0.19 per cent …

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Australian home buyers may be able to borrow more as banking regulator proposes changes

By DAVID SCUTT via BusinessInsider APRA, Australia’s banking regulator, has signalled it may relax serviceability assessments for new residential mortgage loan applications, potentially allowing home buyers to borrow more to fund the purchase of their property.  The regulator has proposed removing the minimum 7% floor rate that all new mortgage applications are assessed by. APRA says …

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