Borrowers expecting more RBA cuts

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Borrowers are anticipating further interest rate cuts to come late this year or early next year, according to a Loan Market poll.

The survey asked borrowers where they expected rates to move in the coming months. The results indicated that the majority expect more cuts from the Reserve Bank.

Thirty-nine per cent of respondents expected the cash rate to be cut again at the RBA's next board meeting on 6 December, while 29% expected a cut early next year.

Only 8% of respondents expected a rate hike in the near future, and 27% said rates would stay on hold for the next six months. Loan Market COO Dean Rushton said consumers needed further cuts to shore up shaky confidence in the midst of global instability.

"A recent survey we ran showed that the issues occurring in Europe were top of mind for consumers when considering their financial position and these issues are not going away and more cuts are needed to stimulate sectors of our economy," Rushton said.

Nevertheless, Rushton said the RBA's November cut had provided "clear direction for consumers", with most lenders passing on the cut in full.

 

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