The RBA’s decision to cut the official interest rate to a historical low of 0.10 per cent will improve housing affordability provided banks pass on the cut, according to the Real Estate Institute of Australia (REIA).
REIA President Adrian Kelly said if the full 0.15 percentage point decrease was passed on to mortgage rates, housing affordability - in the context of other factors remaining the same - would improve by 1.7 per cent.
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