The Reserve Bank of Australia has announced cuts in mortgage interest rates for the first time in the last four years. Following this decision, the interest rates have been dropped by major banks of Australia, which includes the likes of Commonwealth Bank, NAB and Westpac. The rates have been thoroughly trimmed by ANZ as well. 

This will result in extensive relief to borrowers as the RBA has reduced the cash rate down to 4.1 per cent. This decision offers a thorough sigh of ease for the first time since November of 2020. All the major banks have also announced their relief, and it is set to come into consideration and effect by February 28, 2025.

Jason Yetton, the CEO of Westpac spoke highly of this decision. He suggested that this news will be welcomed by their customers. The customers are now set to save at least $90 per month or $1,080 per year on their mortgage repayments. 

At K Financial Solutions, we also thoroughly recommend putting these savings forth towards your repayments anyway. This will, therefore. Allow them to repay their mortgage at an earlier time than the stipulated one. 

Following the suit of banks, non-banks have also reduced their interest rates.

The founder and managing director of Wave Money, John Flavell, said that he was glad to see some movement in the interest rates. He also expressed his hope that this would be the first of many reductions coming forth in the future. 

As much as this decision by the RBA is being applauded, it is only beneficial if most lenders follow their footsteps and provide this cut in interest rates to their customers. 
If you are looking for a viable home or commercial loan with new interest rates in action, you can consult the services of K Financial Solutions.