Rate cut imminent: Courier Mail report

 

HOMEOWNERS look set for a reprieve with an increasing chance of an imminent interest rates cut.

With consumer confidence at a near historic low, financial markets are expecting a 0.25 percentage point cut in official interest rates in September and possibly a full 1 per cent by Christmas.

A 1 per cent cut will mean a saving of $200 a month on the average $300,000 mortgage. (Source The Courier Mail)

The sharemarket regained more ground yesterday as bargain buyers swooped, pushing up the All Ordinaries by 2.7 per cent.

There is also good news ahead for motorists, as the oil price has fallen by $US8 a barrel in the past week.

Source The Courier Mail.