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
Westpac’s move to raise interest rates on its variable rate mortgages last week could be the starting gun for the other big banks to follow.
Already, more than two-dozen smaller lenders have raised their variable mortgage rates during the past couple of months.
It’s unwelcome news for households already facing cost-of-living pressures and slow wages growth. Higher mortgage interest rates are the last thing you need.
But home owners don’t have to simply accept a rate rise. This is where your finance broker comes into play. Let us negotiate with your lender, and if unsuccessful then there is an apportunity to refinance to another bank or fix all or part of your loan.
Let us know if you would like our help!
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Until next time…..