Official Cash Rate cut by a further 1.50%

The cut today of 1.50% has followed on from the 1.50% cut made in December.  The Reserve Bank has moved rapidly to lower borrowing costs.

Westpac responded immediately and their home loan 3 year fixed rate now sits at 5.99%.

This has been trumped by ASB later in the day who are now 5.95% across the board from 6 months through to 5 years fixed.

While many of us are waiting, including your mortgage broker to see how low rates will go in an attempt to pick the bottom, those of a more conservative nature and dependant on personal circumstances, could be looking at locking in a portion of debt for the longer term now, with the remainder floating till the next Reserve Bank announcement on the 12th of March.

As always, get in touch to discuss your rate re fixing requirements. 😆