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REIA welcomes RBA rate cut

The latest base rate reduction from the RBA has been welcomed by the REIA.

The Real Estate Institute of Australia (REIA) has welcomed the latest interest rate cut from the Reserve Bank of Australia (RBA).

At its latest monthly meeting, the RBA announced a further 0.25 basis point reduction in the base rate to three per cent.

REIA president Pamela Bennett commented: "If the banks do pass the cut on in full, the proportion of family income to meet loan repayments will be 30.3 per cent. This is a five per cent increase in affordability since the June quarter of 2012."

However, she added that since the start of the latest financial year, the Big Four banking providers in Australia have so far held back from passing on rate cuts in full to their customers.

Last month, the REIA called on the government to forego plans for the dumbing down of the new national licensing scheme for Australian property professionals, claiming continued professional development must remain a key part of any new legislation.

Posted by Steve Douglas

- inflation, rates, interest, RBA, banks

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