At its September meeting, the Reserve Bank of Australia chose to keep the official cash rate on hold at 1.5 per cent.
How will this affect you this Spring?
Despite the RBA keeping the cash rate unchanged, lenders continued to cut rates on principal and interest loans for owner occupiers during August. Home loan rates are still very low and that means Spring could be the time for a fresh start in a new home!
Property investors are facing interest rate uncertainty as many lenders make adjustments to ensure they are meeting APRA’s lending guidelines. However, there are some lenders who have cut interest rates for new investors seeking principal and interest loans in recent weeks, so talk to our friends at InterPrac Finance if you’re looking to invest in property.
Spring could also be the time for a home loan health check, so call Mandy Love at InterPrac Finance on 1800 700 666 or via email to get it organised! They’ll compare the market and find you the most suitable loan for your needs.