June 06, 2017
On the first Tuesday of each month, the Reserve Bank of Australia (RBA) meets to discuss the official cash rate. Effective August 2016 the rate was cut to a historic low of 1.50%, 10 months on and the official cash rate has again remained unchanged.
To the average home owner with a loan the monthly RBA announcement has become a distraction and largely irrelevant in terms of rate. It's more likely the interest on your variable rate home loan has increased over the last 10 months due to a combination of regulatory requirements and lenders appetite for business.
What to do? Well not all lenders are the same, each has their own internal requirements, best bet, find out your rate and if you’re not sure how it compares with the rest drop me a line.