7 April 2009
REINSW welcomes interest rate cut and calls on lenders
to follow suit
Today’s official cut in interest rates has been welcomed by the Real Estate Institute of
New South Wales.
The 0.25% cut in official interest rates, down to 3.0 percent, was announced by the
Reserve Bank late today.
“This latest cut in official interest rates is terrific news for the NSW real estate and
property sector”, said REINSW President Steve Martin.
“The Reserve Bank‘s action today will help reinforce the NSW property market by
encouraging both investors and first home buyers.
”Of course it is now up to the banks and mortgage brokers to pass on the benefits of
today’s interest rate cut and the REINSW strongly encourages them to do so.
“In NSW we continue to suffer from the effects of the rental accommodation crisis so
any step which eases pressure on investors and encourages new investors into the
market, is a good thing for the state.
“The bottom line is that interest rates are only one part of the jigsaw and many
disincentives remain in the market place such as the onerous tax regime imposed by the
NSW Government on property investors.
“As we see continued falls in official interest rates, it would be good to see some action
from the State Government in terms of stamp duty and land tax which have largely
contributed to the current rental accommodation crisis in NSW”, said Mr. Martin.
Please direct media enquiries to Julian Brophy on 0408 276 749.
NEWS 
