The second rate cut this month reflects the major impact Coronavirus/COVID-19 is having on the Australian economy
On Thursday 19 March the Reserve Bank of Australia announced a further reduction of 0.25% to the official target cash rate which is now at a historic low of 0.25%. The second rate cut this month reflects the major impact Coronavirus/COVID-19 is having on the Australian economy. Sydney Mutual Bank is committed to offering its members the best possible rates on all its home loans and we are currently analysing the impact of the RBA’s decision. Balancing the interests of all saving and borrowing members is always the number one priority.
Management is reviewing the decision and will advise members accordingly.
Please don’t hesitate to contact Sydney Mutual Bank on 13 61 91 if you wish to discuss this further.