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The central bank has urged borrowers should be “shopping around” for a lower rate after data sheds light on the interest rate gap between new and existing customers.
While economists have been divided on whether a cash rate cut was to be expected this afternoon, the odds for an alteration ahead of today’s meeting were the highest they’ve been since the rate last moved in August 2016.
The number of home loans is down on the previous year in all but two of the states and territories, according to the latest State of the States report from CommSec.