Summer has arrived and at its final meeting for 2015 today, the Reserve Bank of Australia has again elected to keep the official cash rate on hold at 2.0 per cent. With its next meeting not scheduled until the first week of February next year, we can look forward to the cash rate remaining at this level throughout the holiday season.
The official cash rate is currently at an all-time low after the RBA cut rates in February and May this year. Economists have been speculating about a further rate cut in 2015, and there is now talk about this occurring at the next RBA meeting, scheduled for February 2016.
Even though the official cash rate remains on hold, some home loan interest rates were on the move during October and November. In order to meet APRA's tougher credit policy requirements, most banks raised interest rates on property investment loans by several basis points and there were some slight increases to owner occupier home loan rates as well.
With interest rates on the move and lending criteria changing for property investors, it's a great time to talk to us about your finance requirements and plans for 2016. We're here to help you find the right loan for your personal financial situation and goals, so please don't hesitate to give us a call for a chat today.