RBA leaves rates untouched
Steady dwelling value growth combined with a strong rebound in consumer confidence has encouraged the Reserve Bank of Australia to leave the cash rate on hold today at 2.25%.
Following last month’s rate cut announcement, consumer confidence jumped 8%, meaning optimists now outweigh pessimists for the first time in 12 months.
In addition, property prices continue to climb at a moderate but steady rate, with dwelling values across the combined capital cities growing 0.3% throughout February.
Moving forward, it is expected that property prices will continue to grow, especially as last month’s rate cut starts to take effect.
In fact, with many of Australia’s lenders passing on last month’s RBA rate cut in full to their borrowers, home loan rates are currently sitting at historically low levels, making now the perfect time to review your current mortgage situation or consider purchasing an investment property.
As your local Mortgage Choice broker, I can compare your current home loan against others available in the market, to see if we can find you a loan that is not only better suited to your needs, but much more competitively priced. You may find you are able to save hundreds, if not thousands of dollars per year!
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.