There were no surprises at the Reserve Bank of Australia's monthly meeting today, with the Board opting to leave the official cash rate on hold once again.
Today's decision marks the 10th consecutive month that the cash rate has been at this record low.
Speaking about the decision, Reserve Bank Governor Philip Lowe said a spate of positive economic data ultimately encouraged the Board to leave the cash rate at 1.5%.
At present, consumer sentiment remains relatively robust, with data from the Westpac Melbourne Institute showing consumer confidence continues to sit at the point where pessimists and optimists are in equal numbers.
In addition, data from the latest National Australia Bank Business Survey found confidence remained high by historical standards.
On top of this, the latest research by the Australian Bureau of Statistics found the unemployment rate actually fell slightly, hitting 5.7% in April.
With these factors combined, it is little wonder why the Reserve Bank choose to leave the official cash rate on hold for another month.
But while the cash rate has been left untouched once again, that doesn't meant to say that mortgage rates are sitting still – quite the opposite.
Over the past few weeks, many of Australia's lenders have tweaked their pricing and policy in-line with regulator feedback and their general appetite for business.
Policy and pricing changes have happened across both owner occupied and investor products, with some lenders lifting their interest rates by as much as 50 basis points.
With this in mind, it is imperative that borrowers take the time to review their mortgage and make sure they are in the right product for their needs.
For anyone who has been in the same home loan for a number of years, now is the ideal time to review their mortgage and see whether or not it is still the most competitive product on the market for their needs.
Whether you are buying, refinancing, upgrading or renovating, your broker can help.