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Top economists say a rate cut following today’s RBA meeting is highly unlikely – but that a November cut could easily be on the cards.
A survey conducted by website finder.com.au shows eight leading Australian economists, including Alan Oster from NAB and AMP’s Shane Oliver, unanimously expect the RBA to maintain the cash rate at 2.5%.
However, the outlook for November is more positive from borrower’s perspective, as economists predict a cut on Melbourne Cup Day.
APRA data shows that, out of the big four, NAB and Westpac currently offer the lowest advertised packaged variable rates for a $300,000 home loan, at 5.08%, while the non-bank lenders lead the pack with the lowest rate for this loan size being 0.53 percentage points cheaper, at 4.55%, by loans.com.au.
