Earlier this month, the Reserve Bank of Australia decided to reduce the official cash rate by 25 basis points to just 2.0 per cent. This is great news if you're in the market to purchase a property as it brings interest rates down to new record lows.
With global factors putting pressure on the Australian dollar - including unexpected weakness in the US currency - many market analysts were predicting today's rate cut. And whilst the latest jobs and retail sales numbers do look positive, ongoing low commodity prices and flagging business confidence has prompted theRBA to reduce rates today.
Autumn property markets have responded to the ongoing low interest rates and are already running hot around the country. We can expect today's rate cut to stimulate activity even further. In particular, Melbourne and Sydney are achieving record numbers of auctions with exceptionally high clearance rates and these favourable market conditions look set to continue throughout autumn and winter.
After today's rate cut, we can expect to see lenders adjusting rates and offering some very competitive deals to those looking to get into the property market this autumn. If you're in the market to buy your first home, invest or refinance, talk to us now so we can shop around amongst these great offers to find you the very best deal for your personal circumstances and financial goals. Call us today - we'd love to hear from you and help you maximise these great rates!