Logan City homeowners to benefit from RBA lowering rate

A local mortgage specialist thinks the Reserve Bank’s decision to lower the official interest rate to 0.1% will benefit homeowners in Logan City.

Scott Beattie with Cube Home Loans has suggested that people with mortgages should wait for their bank to make an announcement about passing on the lower rate, which he expected would come within the next five to seven days.

He said that when the banks have made their announcements, customers should then do a comparison by checking the rates around the market and if they are not happy with what their particular bank is offering, they should ask for a better deal.

Mr Beattie continued that if a bank is not prepared to negotiate a more favourable rate, customers then ought to contact a mortgage broker as they can review the lending process.