will be passing on the full rate cut,” he said. “The reality is you can likely save more than a couple rate cuts by switching to a better deal. “A reduction of even half a per cent can be the difference of thousands of dollars a year. “Shop around to find a variable home loan that offers a lower interest rate than your current provider. The very lowest rates now have a ‘5’ in front of them.” Graham Cooke, head of consumer research at Finder, said Aussie homeowners have a right to be upset if their lender isn’t announcing a cut. “Every extra day without a cut leaves many Aussie homeowners with tighter budgets,” he said. “If your bank isn’t looking out for you when all eyes are on an RBA cut, when will it?” Cooke said refinancing is the best way to save on your mortgage costs. “Social media was full of Aussies celebrating their bank announcing a 25-point cut on Tuesday – and it was refreshing to see some lenders announce they 6 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 02
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