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Geelong Finance brokers and Conveyancing teams at The Hrkac Group were pleased with Interest Rate Reduction announcement.

The Geelong Finance and Conveyancing team is pleased that just moments after the Reserve Bank Australia (RBA) announced it would cut the official cash rate by 25 basis points, two of the majors have announced they will pass on the full rate cut to borrowers.

In an announcement on its Twitter feed, National Australia Bank said it would cut its standard variable rate by 25 basis points. CBA has also just announced that they are passing on the full 0.25% reduction. The rate cut takes NAB’s SVR to 6.13 percent and CBA’s to 6.15 percent. More are expected to follow.

This is the first time in a long time that any of the majors have chosen to pass on the RBA’s rate cut in full.

Contact Us now at The Hrkac Group Finance Broker team to review your business and personal loans and ensure you are benefiting from the low official cash rate.