As was widely predicted, the Reserve Bank of Australia has announced rates are remaining on hold at 2% for the month of June.
Following May’s decision to cut the official cash rate, the RBA needs more time to assess the full impact of the rate drop. By closely watching the economy this month, the board will have a better idea of whether the cash rate drop has had the desired effect.
Data that emerged during May showed stronger consumer confidence as well as moderate growth in dwelling prices, which is a good early sign for the RBA.
Homeowners have welcomed the decision, as they continue to enjoy the savings of historically low interest rates. If you are ready to take advantage of these low rates, either by purchasing property or refinancing, I can compare your loan options for you.
When reviewing your existing home loan, you may find that you can secure a mortgage that is not only better suited to your needs, but is also far cheaper.
0419 733 862
Your Garden City Mortgage Broker, Brisbane