The RBA leaves rates on hold as economy goes from strength to strength
Strong employment and inflation data has encouraged the Reserve Bank of Australia to leave the official cash rate on hold at 2.5%.
Local Mortgage Choice mortgage broker Irene Cujko said the Australian economy continues to go from strength to strength, removing the need for further rate cuts this year.
“Last month, the unemployment rate fell 0.1% to 5.6%, while the Consumer Price Index increased by 1.2% over the September quarter, taking the annual inflation rate to 2.2% - within the Reserve Bank’s target range,” she said.
“Furthermore, the NAB Monthly Business Survey found business confidence strengthened considerably in September – hitting its highest level in three and a half years.
“This positive data shows the Australian economy is performing very well at the current time, so it was unsurprising to see the Reserve Bank leave the cash rate untouched at the historically low level of 2.5%.”
Irene said with interest rates continuing to hover around record lows, now is a great time for Australians to consider jumping onto the property ladder or review their current home loan.
“If you are considering purchasing a home in the near future, now may be a good time to capitalise on the current state of the market – before rates and property prices rise further,” she said.
“Alternatively, if you already have a property, now could be a good time to review your current home loan and check to make sure you are still in the right product for your needs.”
If you want to learn more about your home loan options, call Irene and the team at Mortgage Choice in Kings Langley on 02 9674 8014, visit Shop 12, 4 Solander Rd Kings Langley NSW 2147 or log onto www.mortgagechoice.com.au/irene.cujko
For further information or to arrange an interview, please contact:
02 9674 8014
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the information, consider its appropriateness to your circumstances.
About Mortgage Choice
Mortgage Choice has sourced a home loan for well over 350,000 people since 1992. It works with all manner of property finance borrowers via hundreds of franchises.
The company writes one home loan every 15 minutes in Australia by providing professional guidance on, and choice of, products offered by an extensive panel of leading lenders. Many of its brokers provide a broader service, helping customers source commercial and personal loans, asset finance, deposit bonds and providing referrals for risk and general insurances.
Uniquely, Mortgage Choice pays its franchisees the same commission rate for home loans they write, regardless of rate paid by the lender a new customer selects, working in the customer’s best interests to tailor a solution to them.
To cater to the growing needs of our customers, Mortgage Choice soft-launched in October 2012 its new financial planning business. Mortgage Choice Financial Planning will officially launch in FY14.
The company has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).
Recent recognition: 2013, 2012, 2011 Australian Broking Awards Major Brokerage of the Year – Franchise; 2013, 2012 Australian Broking Awards Best Ethical/Social Responsibility Program; 2012 Australian Broking Awards Best Training and Education; No.1 on The Adviser magazine’s 2012, 2011, 2010 and 2009 Top 25 Brokerages list; 2012, 2010, 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2011, 2010, 2009 and 2008 10 Thousand FEET Top 10 Franchise list; 2010 Forbes Asia-Pacific Best Under A Billion list.
Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited, a fully owned subsidiary of Mortgage Choice, holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.
Visit www.mortgagechoice.com.au or call customer service on 13 77 62.