Rates go even lower after Reserve Bank cut

CBA was the first to jump on the rate reduction trail, with only a few lenders officially announcing cuts a day later (at this stage we have heard from CBA, ING and nab).  How will this affect your loan?  If you have an iPhone, download the nMB app here to check.  And be sure to use the 'extra repayments' feature to see how much quicker you'll pay the loan off by keeping your repayments the same as before the drop.  It's unlikely we'll see rates go any lower - so best to "make hay while the sun shines" and pay off as much as possible.  There's nothing more stress busting than a healthy redraw balance on your loan.

Keep watch for further announcements of lender rate cuts over the next few days....