Rates on hold at 4.75% after March RBA meeting
The cash rate was held steady at 4.75% following the RBA's March meeting. Rates were expected to remain unchanged following the recent series of natural disasters that negatively affected various parts of the country.
The Reserve Board increased the cash rate by 0.25% in November last year which resulted in all of the 4 major banks increasing their variable rate home loans by more than a quarter percent.
Borrowers on variable rates will welcome today's decision after enduring a series of rate hikes over the last year. InfoChoice's benchmark for standard variable rate home loans is currently 7.72% and while lenders are not expected to move their rates in relation to today's cash rate decision Infochoice will continue to monitor this space.