The Reserve Bank of Australia has kicked off its first Board meeting for the year with more cash rate stability.
At it's meeting today, the RBA decided it was prudent to leave the official cash rate on hold, marking the 9th month that the cash rate has been left at 2%.
While there is much scope for the RBA to cut the cash rate over the coming months, the trigger for an immediate cash rate cut was not there this month.
Data from CoreLogic RP Data shows property values continue to climb fairly steadily across most capital cities, with values increasing 0.9% over the month of January. In addition, business confidence remain suprisingly robust, while underlying inflation remains within the Reserve Bank's target band range.
Moving forward, the Reserve Bank will continue to keep a close eye on inflation, property prices and consumer confidence. While the latest spate of economic data has given the Reserve Bank no reason to cut rates, who knows what tomorrow will bring. With that said, it is impossible to rule out future rate cuts at the moment.
Regardless of what happens with the cash rate in the future, interest rates continue to hover around record lows, making now a good time to buy, invest or upgrade.
If your not happy with your current home loan provider or feel as though you could be getting a better deal, now is also a great time for property owners to review their home loan and make sure you have the right product for your needs.
If you want to learn more about your home loan options, call (03) 8602 6777 or send us an email at firstname.lastname@example.org.