The RBA have just announced that the cash rate will hold at 1.5%. This rate, in effect since August 2016, remains the lowest rate in the RBA's history.
See the full Reserve Bank statement for full details. It acknowledges that, while there are improvements in the global economy, Australia's economy is still transitioning out of the mining boom.
Of the reputable analyst reports I read, the 2017 consensus seems to be...
- Slight interest rate rises. My view is they'll be later and low.
- Property forecast: Continued demand for property in the major capital cities. Continued price growth for Sydney & Melbourne, also Hobart; Adelaide, Brisbane and Canberra will have moderate price rises; last year of price falls for Perth and Darwin (due to the resources dip).
Despite RBA rate stability, some lenders have recently increased rates. This includes ANZ, NAB, CBA, Westpac, Bank of Melbourne, ING, St George and Suncorp. Please contact me if you are considering fixing some or all of your loan. You might be aiming to beat possible future rises, or just to lock in repayments certainty.
As always, please don't hesitate to call me if you have any questions about your home, car, business or asset loans.
Cheers, Marvin 0431 376 008
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