Australia's big four banks are back in the hot seat, this time for their failure to pass on central bank rate cuts to consumers.
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In recent months we have heard noise about a possible recession across global economies, so should we still be concerned?
While you could sit back and hope your current lender passes on the latest rate cut in full, taking charge and seeking out a better deal instead could see you shave thousands off your annual home loan repayments.
A strong rebound in Sydney and Melbourne housing values wasn't enough to stave off a rate cut today, with the RBA slashing interest rates to a new record low.
The economy appears to be at a turning point as Reserve Bank Governor Philip Lowe hints at another rate cut next week.
The RBA held interest rates at its September meeting today, and the resurgence in Sydney and Melbourne housing values was likely a key topic of conversation.
The RBA's decision to hold the cash rate at a record low of 1% was widely expected, after the rate was slashed by a total of 50 basis points in two months.
If your home loan lender passed on either of the recent cash rate cuts, you might be excited about paying less each month. But before you start spending, ask yourself what is worth more: the extra cash or $40,000.
Don't wait around for more rate cuts to save money on your mortgage.
Banks are expected to hold back on passing on today's rate cut in full as they seek to balance out mortgage rates with deposit rates for savers.
