RBA slashes interest rates
Tuesday December 2, 2008
The Reserve Bank (RBA) has lowered interest rates by a full percentage point to 4.25%.
Last month the RBA cut interest rates by 75 basis points to 5.25%. In the past few months, the RBA has continued to lower interest rates, now the lowest they've been in six and a half years.
Many home owners will enjoy this early Christmas present, but the government is hoping the saved money will be returned into the economy to help stave off a recession.
Several banks have already indicated that they will pass on the reduced interest rates to their home loans. Many Australians are hopeful that this interest rate decrease will also reduce the interest rates on personal loans and credit cards.
However, many credit cards already have low interest rates, for example the Commonwealth Bank Low Rate credit card. This low rate credit card features:
- A low purchase rate of 12.64%p.a.
- Up to 55 days interest free.
- Low annual fee of just $48.
- Balance transfer rate of 5.99%p.a for the first five months.
- Additional cards are available.
- A competitive interest rate for cash advances - just 19.99%p.a.
Apply online for the Commonwealth Bank Low Rate credit card.
Compare home loans.
Compare personal loans.
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