As the country tunes in for the 2020 Melbourne Cup, the cash rate decision for November has been announced and rates have been cut.

In response to the economic impact being caused by the COVID-19 crisis, the RBA reduced the cash rate by 0.15% to a new record low of 0.1%.

In making this change the RBA has confirmed the views of many analysts that further stimulus is required to aid Australia’s recovery post Covid.

It had previously stated that it sees a cash rate of 0.25% as a floor however it has softened its stance on a reduction more recently.

In the lead up to its next meeting our central bank will continue to monitor world events such as the second round of European lockdowns and the US election, while closer to home it will be hoping the easing of restrictions in Victoria and the opening of state borders will provide a lift to the economy.

As you’re probably aware, lenders review rates independently of the RBA and some may decide to pass this rate decrease on to customers at different levels over varying time frames.

We’re here to help if you have any questions or wish to review your circumstances. Please don’t hesitate to give us a call.

The post The announcement that stops the nation, cash rate decreased to 0.1% appeared first on Affinitas Finance.

What our customers have to say:

Adam, Brisbane

I wish there were more people like Tanya out there. She is such a lovely person, she knows her industry and she can explain finance in terms that anyone can understand. She is very professional, and approachable. I have already recommended Tanya to a work colleague, and they purchased their new home also finding Tanya a breath of fresh air. Thanks again Tanya for your help, and I will always use your services for any other investment opportunities that may arise.

Adam, Brisbane

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Tanya, your interpersonal skills are second to none. Apart from being exceptionally savvy when it comes to your role, I found you incredibly approachable. Your happy disposition just made the whole experience of buying a property a joy. Thank you.

Rachel, Sunshine Coast

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Your solution also took a lot more into consideration than just our home loan. You also answered all our many, many questions simply and quickly. You have an ability to explain intricate financial details in 'plain speak'. Your overall easy going personality and professionalism was refreshing along with honesty and frankness which was also appreciated.

Pol, Brisbane

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It's difficult to narrow down what impressed me most - you provide an excellent service. I think one of the greatest things was that you genuinely cared about the result. You worked so hard and so efficiently to ensure that I was able to move forward in the process of purchasing my first home.

Trish, Brisbane

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Considering the complexity of the loan we have applied for Tanya has left me with a sense of assurance that our best interests were always first and foremost. Her explanation of how the whole process works was always presented clearly and confidently. She was always prepared to answer any questions we put forward and never hesitated in incorporating her own personal experience in any of her responses. We will continue to keep in touch with Tanya and when next we require loan assistance, Tanya will be number one on our list.

Shayn, Brisbane

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All parts of the process were explained simply and clearly so that I could understand what was going on as I have never applied for a loan before so this was all new territory for me. Thanks for all your help Tanya we were so glad to have your help rather than having to deal with a bank directly; much more personal and caring service.

Sally, Brisbane

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I really appreciate your flexibility to meet with me at my convenience, advice based on knowledge and experience, referrals to other products and services and general sense of 'relief' that my future financial state is in good hands.

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David, Brisbane

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Tanya has provided us with a high standard of service and advice that has saved our companies significant amounts of money and continues to expand our knowledge on how to operate in the new and ever changing banking environment so that it best suit our business and property portfolio's needs.

Brian, Sunshine Coast