RBA Cuts Rates, Here’s What It Means for Your Wallet

This week, the RBA finally gave us some news we’ve all been waiting for another 0.25% interest rate cut.

Sounds small, right? But here’s the reality:

1. If you have a home loan:

And your bank passes it on (big “if” for some lenders), your interest rate should drop by 0.25%. That’s a little breathing room each month.

2. If you have savings:

Unfortunately, high-interest savings accounts and term deposits will likely see rates fall. Less free money for doing nothing. At the moment, there are still two banks offering over 5% on savings but I’d be surprised if that lasts long.

If your so-called “high-interest” account is actually under 4.5%, hit reply and we’ll send you our summary of the best high-interest savings rates in Australia right now.

Over the past week, we’ve been talking to clients about their home loan interest rates and making sure their debt plans are sharp. Right now, the average home loan rate across some of our clients (after this latest cut) sits around 5.4%.

If your rate is still above 5.4% after the cut, it’s time to have a chat. You could be leaving money on the table.

Oh and while we’re talking about debt…

I wrote a book!

Well… an eBook. And technically, I typed it.

But still, this one’s a keeper.

It’s a super simple guide to:

✔️ Understanding your debt

✔️ Paying it down faster

✔️ Using a strategy most people haven’t even heard of to smash it quicker

Download your free copy here: https://7wealth.com.au/destroyyourdebt

And hey, if you’ve got a mortgage rate above 5.4% right now, that eBook might just read like a love letter to your future self.

7Wealth Pty Ltd ABN 44609210246 is a Corporate Authorised Representatives and is authorised through Cobalt Advisers Pty Ltd ABN 64 628 654 099 who is an Australian Financial Services Licensee 512550. 7Wealth Pty Ltd is a Credit Representative of Australian Finance Group Ltd ABN 11 066 385 822 (AFG) Australian Credit Licence 389087.  
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