The Reserve Bank of Australia has decided to keep the official cash rate on hold at 2.0 per cent at its monthly Board meeting today.
Whilst the decision was widely expected, it was made amongst speculation that there is another rate cut on the horizon this year, following cuts in February and May. Analysts agree that continued sluggishness in the domestic economy, benign inflation and uncertainty about global growth and markets are all good indicators for a third cut in the current cycle.
The RBA dropped rates in February and May this year and interest rates are now at record lows. This is good news for property buyers and homeowners, who are taking advantage of low interest rates to get ahead. There has been a lot of activity in property markets across the country, particularly in the Sydney and Melbourne markets, with high auction clearance rates in most of the larger capital cities.
Since the last rate cut, interest rates have hit an all-time low. Property buyers and investors are enjoying a very competitive loan market and some great special offers from our lenders. If you're in the market for a home loan - whether you're a first home buyer or simply looking to refinance, now is a great time to come in for a chat. We're here to help you get the very best rate for your personal needs and goals, so give us a call today.