Who sets interest rates ?
We are often asked why the lenders all seem to have similar rates at similar times?
Whilst lenders are in the business to make profits for their shareholders, they do not set the base interest rates.
The Reserve Bank of Australia meets on the first Tuesday of every month to determine the official cash rate for the country. Lenders use this rate as the basis on which to set their own rates.
Mortgage brokers do not set interest rates.
We are often asked why the lenders all seem to have similar rates at similar times?
Whilst lenders are in the business to make profits for their shareholders, they do not set the base interest rates.
The Reserve Bank of Australia meets on the first Tuesday of every month to determine the official cash rate for the country. Lenders use this rate as the basis on which to set their own rates.
Mortgage brokers do not set interest rates.