At its meeting today, the Board decided to
LEAVE THE cash RATE ON HOLD AT 1.5%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
It has been the longest stretch in the country’s history without a change in the official cash rate. It will be 18 months since the money market interest rate has varied — the longest period of time in which the Australian cash rate has not moved.
While cost of living pressures, including escalating house prices, have squeezed the family budget in recent years, many families have found a silver lining in lower interest rates.
What home owners shouldn’t lose sight of is the long-term trends. History tells us rates will rise, which means now is the best time to start knocking off extra debt, to give yourself a buffer when the tide does eventually turn or possibly fixing part of your loan now to protect yourself against future rate rises.
Why not contact us to review your current mortgage options to see if locking part of your mortgage into a fixed rate could assist in securing you against the higher repayments that an increase in the official cash rate will inevitably bring.
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Until next time….