Today’s decision by the Reserve Bank to keep the cash rate on hold this month, marks the fourth consecutive month and suggests that the rate-cutting cycle has officially come to an end.
Australia’s stable unemployment rate and sound growth in property prices have encouraged consumers to be more optimistic about the state of the economy.
The latest Westpac Melbourne Institute Index of Consumer Sentiment showed an increase of 1.9% during the month of November, while a recent Consumer Sentiment Survey conducted by Mortgage Choice concluded more than 55% of Australians believe the economy will remain strong throughout 2014.
Such positive data suggests the Australian economy is performing very well at the current time and it was unsurprising to see the Reserve Bank leave the cash rate untouched at the historically low level of 2.5%.
It’s the season for new beginnings and with interest rates at record lows, it’s a great time to review your current home loan to make the most of the low interest rates on offer. It also presents the perfect opportunity to repay your home loan faster and look to achieve your next financial goal sooner. If you would like to discuss how you can make the most of the cash rate cut and ensure your current home loan is truly suited to your needs, please call me to arrange a time.
For further information, and to put yourself in the best position with valuable information and guidance, contact a trusted consultant from Mortgage Choice on 07 3286 7711.