RBA leaves rates untouched this month.
Despite uncertainty surrounding the results of Australia’s Federal Election and ongoing speculation that the Reserve Bank of Australia would cut the cash rate following England’s decision to leave the European Union, the Board has held firm - leaving the official cash rate on hold at 1.75%.
It would seem the RBA is keen to see what the next round of inflation data shows and what the long-term impact of England’s decision will be for Australia before making any changes to the cash rate.
Regardless of what happens over the short to medium term, it is important to note that home loan interest rates are still sitting at record lows.
If you have been in the same home loan for more than two years - especially if your current home loan interest rate is in the high 4’s, you could be missing out on significant savings.
To discuss your financial situation and see if there is a better deal available, give our office a call today on 9472 0211. It would be great to hear from you.