A lift in business sentiment combined with strong housing approval numbers has encouraged the Reserve Bank of Australia to leave the official cash rate on hold this month. At its Board meeting earlier today, the Reserve Bank decided to leave the cash rate on hold at 2.5% for the seventh consecutive month.
Ongoing strength in the Australian economy has given the Reserve Bank some much needed confidence in the current monetary policy setting.
Moving forward, we expect the Reserve Bank to err on the side of caution and leave the cash rate on hold for the foreseeable future, which should encourage a greater number of potential home buyers onto the property ladder as they look to take advantage of the low interest rate environment. Of course, it is not just potential home buyers that can benefit from the current market conditions.
Now is also a good time for property owners to review their current home loan and check to make sure they are still in the right product for their needs.If you want to learn more about your home loan options, Please call Mortgage Choice Hurstville today on 9586 3100