Cash rate on hold: A positive sign for Australian economy
Following the Reserve Bank of Australia’s decision this month to leave the cash rate on hold at 2.75%, Mortgage Choice encourages Australian borrowers to review their finances and use the next few weeks to prepare themselves for the new financial year.
While the decision to leave the cash rate on hold would not appear to be a surprise to economists – with only one out of 25 surveyed by Bloomberg predicting a cut, borrowers can view the rate hold as an encouraging sign ahead of the new financial year, as it indicates that the Reserve Bank of Australia is keeping a watchful eye on positives emerging in our local economy.
As your local home loan expert, I can provide you with a FREE health check on your current home loan and other areas of your finances. This may be the key to ensure you are better prepared for whatever comes your way.
As your local Mortgage Choice home loan expert, my tips for preparing for the new financial year include:
- Review your plans, activities and financial commitments from the past year and create a diary of what will be repeated or changed in the year ahead.This will help you plan for what can be expected
- Re-do your budget according to any recent changes to your financial circumstances, lifestyle and any plans, events or occasions expected over the next 12 months
- As a property owner this is a great opportunity to use the savings on your interest rates to contribute more to your loan. Not only will this help you to repay the debt sooner and build up more equity, it will also provide you a good financial buffer for times of need.
If you'd like to discuss your home loan needs, please feel free to contact me at any time.