RBA lowers rates by 0.25% to 3.50%

At today’s meeting the Reserve Bank of Australia (RBA) cited the rocky markets overseas and came good on the “expected” interest rate drop. 0.25% should shave about $50 per month off the average $300,000 mortgage. What sort of rates will the banks pass on and what impact does it have on you? Comments welcome.

Governed Glenn Stevens’ media release points to European economic concerns, and rising costs of finance for our banks. Amongst other things this lead to a “more accommodative stance of monetary policy”. What do our depositors think?

View the RBA release here