July’s cash rate hold offers opportunities for mortgage holders.
The Reserve Bank of Australia’s (RBA) decision to leave the cash rate on hold at 2.75% for another month isn’t surprising given the improving economic outlook. We have recently seen a fall in the Australian dollar, the impact of this is likely to take some time to filter through, however is expected to relieve pressure in the retail, manufacturing and tourism industries, all of which are significant contributors to local employment. While the RBA is holding tight this month, the current environment doesn’t rule out the prospect of future rate cuts.
The Reserve Bank stated in their last meeting that there is still room to move the cash rate should the need arise, odds are on for an August cash rate cut. For home owners, today’s RBA decision provides an opportunity to consider refinancing to a better deal, getting ahead with loan repayments and possibly even accessing these additional funds to achieve other goals.A great first step for anyone looking to make changes to their home loan situation is to talk to a mortgage broker, like myself.
I can provide you with a FREE “Home Loan Health Check” on your current home loan and other areas of your finances, just give me a call or send me an email as I am only to happy to answer any questions you may have.