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RBA cut rumours swirl as banks slash variable rates

Speculation is mounting around the prospects of further reductions in the official cash rate by the Reserve Bank of Australia, with some of Australia’s biggest banks slashing variable home loan rates.

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Investors and owner occupiers could be well served by exploring their refinancing options. Image: Shutterstock

Speculation is mounting around the prospects of further reductions in the official cash rate by the Reserve Bank of Australia, with some of Australia’s biggest banks slashing variable home loan rates.

Westpac was the first to move, after it launched a 2.19 per cent introductory variable rate last week, with the rate to revert to a 2.69 per cent after two years.

The Commonwealth Bank of Australia followed Westpac’s lead, cutting rates on its ‘Ex…