At its August meeting, the Reserve Bank of Australia chose to keep the official cash rate on hold at 1.5 per cent.
With no cash rate movement from the RBA, interest rates remain competitive so it could be a good time to purchase a home, investment property or to refinance. Lenders are continuing to make rate moves to encourage interest-only borrowers to switch to principal and interest loans.
The Australian dollar soared after last month’s RBA announcement, following media speculation the RBA would like to raise interest rates to 3.5 per cent. However, comments from the RBA indicate it’s unlikely there will be any cash rate movements until late next year.
If you are looking to purchase property and want to find a competitive loan, or just want to be certain your current loan still meets your financial needs, our friends at InterPrac Finance can help. As a mortgage specialist, they’ll compare loan products to find you a suitable option for your financial circumstances. Please contact Mandy Love via email or on 1800 700 666 for further information.