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Financial expert predicts two interest rate cuts by the end of the year

A leading financial expert is predicting home loan rate cuts in the near future, driving variable mortgage repayments to historic lows.

AMP chief economist Shane Oliver told Ross and John he expects another two cuts this year, in August and November, and then a third early next year .

He says borrowers could see rates in the 2% range for the first time in years.

‘If you’ve got a rate in the 5s, have a chat with your bank,’ Mr Oliver said.

‘You often find that banks these days want to keep their customers, so they are quite amenable to considering a lower rate.’ 

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