Is it certain that the redistributive effects of below-growth interest rates are positive?

A situation where interest rates are lower than growth rates is often presented in a favourable light: it is said to make the economy more dynamic by favouring borrowers (companies, governments, home-buying households) over lenders (normally wealthier and older households). But is it certain that the redistributive effects of below-growth interest rates are so positive? To be sure, there is an overall income transfer from lenders to borrowers; But low-income households (which save in bonds) lose wealth and high-income households (which save in equities, companies and real estate) gain wealth; It is not certain that households that borrow to buy housing are helped if lower interest rates are offset by higher real estate prices; And there is no sign that lower interest rates have led to more corporate investment, possibly due to the inertia of the required return on equity.