Business

Pass on rates cut for families

West Tweed residents Jai, Mark, Michelle and Taj Boman say money has been "tight" at home and they're keen for the rate cut to be passed on.
West Tweed residents Jai, Mark, Michelle and Taj Boman say money has been "tight" at home and they're keen for the rate cut to be passed on. John Gass

WEST Tweed homeowners Mark and Michelle Boman welcomed the Reserve Bank's decision to cut rates this week, but now they want the banks to pass it on in full.

"This is great news and it's going to make a big difference too so many families," Mrs Boman said.

"This will definitely make things easier, especially with the cost of food and petrol going up."

Tuesday saw the RBA cut the cash rate by 50 basis points to 3.75% from the previous rate of 4.25%.

Homeowners with a $300,000 variable rate mortgage could now save up to $100 a month on loan repayments.

"We weren't really struggling before, but things were tight," Mrs Boman said.

"Now we will have extra money to put on the house and extra money to take our children overseas."

According to the Reserve Bank, housing prices have shown some signs of stabilising recently after having declined for most of 2011, but generally the housing market remains subdued.

The rates cut decision was based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.

Real Estate Institute of Queensland's CEO Anton Kardash believes the cut was done to influences on lenders.

"It is likely the Reserve has cut the cash rate by 50 basis points as a way of unwinding some of the independent increases by lenders as well as to ensure that a meaningful reduction is passed on.

"It is imperative that lenders pass on this rate cut in its entirety to help restore economic activity and confidence levels.

"Indeed, lenders' continual excuses about higher funding costs are not only starting to sound very stale but also increasingly self-interested," Mr Kardash said.

The big four banks have been tight-lipped on whether they will pass on the cut.

While ANZ said it would review its current rates on Friday, the Commonwealth Bank, Westpac and the National Australia Bank remained tight-lipped.

Treasurer Wayne Swan said that if Australians thought they were not getting a good deal from their current bank "they should walk down the road and get a better deal."

Topics:  interest rates mortgage



Don’t go chasing waterfalls…find them on these drives!

BRISBANE isn’t all bright lights and city slickers.

Science Festival seriously awesome

Don't miss the World Science Festival Brisbane!

CALLING everyone who wants to see something totally cool.

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Top five things to experience this summer in Brisbane

Tangalooma is amazing if you're keen for a dive, kayak or swim.

THIS summer get out and explore your capital city.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

Is Brisbane the new arts and culture capital?

Check out GOMA's latest exhibition - it's all about hair! GOMA 10 Ambassador Patience Hodgson visits Nervescape V 2016 by Icelandic artist Hrafnhildur Arnardóttir (aka Shoplifter), commissioned for ‘Sugar Spin: you, me, art and everything’ at the Gallery of Modern Art, Brisbane. 
Photograph: Natasha Harth, QAGOMA

THE rest of the world should be envious of this line-up!

It's time for the 2017 senior local achievement award

The NSW Seniors Festival is being held next month.

Do you know someone who would qualify?

New festival joins Quiksilver Pro party

Australian rockers the Rubens will headline the inaugural Cooly Beachfest at Queen Elizabeth Park, Coolangatta on March 18

Cooly Beachfest 2017 officially takes off

Do you know the whereabouts of wanted man: Zane Love?

A warrant has been issued for Zane Love.

Police seek help to find a man wanted on drug charges.

Local Partners

REVIEW: Under the Gun doco looks at right to bear arms

WOULD you ever carry your baby and a semi-automatic gun to the shops?

Hodges proud to be part of first channel dedicated to NRL

Justin Hodges is gearing up for his new gig on Fox League.

Footy star hopes to provide a voice for players on new NRL channel

Furious Price wants to quit I'm a Celeb after clash with Keira

Steve Price has threatened to quit the jungle.

Will camp ration clash with Keira cause Steve to call it quits?

Novel with lots of heart

The romance in A Quiet Kind of Thunder was only one of the joys of the book.

Book proves to be a gem with layers

New festival joins Quiksilver Pro party

Australian rockers the Rubens will headline the inaugural Cooly Beachfest at Queen Elizabeth Park, Coolangatta on March 18

Cooly Beachfest 2017 officially takes off

Live music: Boogie on down this weekend

Moreland & Arbuckle will be playing the Currumbin Soundlounge on Friday from 8.30pm.

Gig Guide: What's on around Tweed (Feb 23 - 27)

Bliss N Eso announce tribute show for stuntman

Bliss N Eso will play a tribute show at Coolangatta in honour of Johann Ofner. The stuntman died during the filming of the group's Friend Like You film clip earlier this year.

BLISS N Eso to play tribute show to raise funds for killed stuntman

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Top 6 infrastructure projects in the Tweed for 2017

The Gold Coast Airport is getting an upgrade.

Find out what's going in the Tweed.

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Ready to SELL your property?

Post Your Ad Here!