At its August meeting, the Reserve Bank of Australia chose to keep the official cash rate on hold at 1.5 per cent. How will this news affect your situation?
With no cash rate movement from the RBA, interest rates remain competitive so it could be a good time to purchase a home, investment property or to refinance. Lenders are continuing to make rate moves to encourage interest-only borrowers to switch to principal and interest loans, so call us if you want to find out more.
The Australian dollar soared after last month’s RBA announcement, following media speculation the RBA would like to raise interest rates to 3.5 per cent. However, comments from the RBA indicate it’s unlikely there will be any cash rate movements until late next year