Strong employment and inflation data has encouraged the Reserve Bank of Australia to leave the official cash rate on hold at 2.5%.
Mortgage Choice spokesperson Jessica Darnbrough said the Australian economy continues to go from strength to strength, removing the need for further rate cuts this year.
“Last month, the unemployment rate fell 0.1% to 5.6%, while the Consumer Price Index increased by 1.2% over the September quarter, taking the annual inflation rate to 2.2% - within the Reserve Bank's target range,” she said.
“Furthermore, the NAB Monthly Business Survey found business confidence strengthened considerably in September – hitting its highest level in three and a half years.
“This positive data shows the Australian economy is performing very well at the current time, so it was unsurprising to see the Reserve Bank leave the cash rate untouched at the historically low level of 2.5%.”
Ms Darnbrough said with interest rates continuing to hover around record lows, now is a great time for Australians to consider jumping onto the property ladder or review their current home loan.
“If you are considering purchasing a home in the near future, now may be a good time to capitalise on the current state of the market – before rates and property prices rise further,” she said.
“Alternatively, if you already have a property, now could be a good time to review your current home loan and check to make sure you are still in the right product for your needs.”
For further information or to arrange an interview, please contact:
Mortgage Choice Corporate Affairs
(02) 8907 0502 / 0448 240 047
(02) 9818 9334 / 0434 975 868
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the information, consider its appropriateness to your circumstances.