What is happening with Interest Rates in Australia ? In February the Reserve Bank reduced Interest Rates to a 60 year low of 2.25%. Since then we have seen reports varying from week to week from various economists pontificating on the next rate movement – up or down.
Opinions continue to vary but with both positive news out last week on job creation and the Sydney market still showing signs of growth combining to strengthen the case for a hold on rates for the time being notwithstanding the Reserve Bank Governor is quite clearly leaving room for a further potential rate reduction. (The Qld unemployment rate was steady at 6.6% however Inner Brisbane, Brisbane North and Moreton Bay have been the major beneficiaries of Job Created in Qld in the 12 months to the end of February with over 30,000 jobs created within this catchment).
CURRENT INTEREST RATES
Six months ago I recommended to my clients that if you were paying over 5.00% on your home loan you needed to speak to us, and over 30 of our clients did just that with very beneficial results. Well nothing has changed since then, with further reductions in rates having flowed through the system so even if you loan is in the high 4.00% range, it is still worth making a call.
Variable rates are now available from 4.34% and 3 year fixed rates available from 4.24% and 5 Year Fixed rates available from 4.39%*. Please give Jenny or I a call or drop us a line. You may be very pleasantly surprised with the outcome.
*Rates quoted were correct at the time of writing but are subject to variation at the discretion of the respective lenders.