We hope you are enjoying the fantastic summer weather and are all ready for another exciting year as things start to heat up in the Australian property market! The Reserve Bank of Australia (RBA) met today for its first meeting for 2017 and has elected to keep the official cash rate on hold at 1.5 per cent yet again.
Meanwhile, many lenders have been adjusting interest rates outside of RBA movements. Since December, some have lowered their rates on owner-occupier loan products, whilst increasing their rates on fixed term loan products particularly for longer 3 or 5 year terms. This had led analysts to speculate that the bottom of the market has now passed on fixed rate products.