RBA Rates On Hold
At its July meeting today, the Reserve Bank of Australia decided to maintain the official cash rate at 2.5 per cent, as predicted by most market analysts. Keeping the cash rate unchanged is in line with the RBA’s intention to create a period of stability on interest rates.
At the start of the new financial year, we can usually expect Australia’s property market to slow down for the winter months ahead. However, the period of stability on interest rates has created a lot of activity in the housing market, with auction numbers in most capital cities remaining high throughout June.
Analysts say that the continuing property market activity is being led by investors who are taking advantage of the low interest rate environment to boost their portfolios. However, the high numbers of properties remaining on the market during this traditionally quiet time of year means there are plenty of opportunities for those looking to make a purchase.
Our loan market remains very competitive, with many lenders still introducing low fixed rates, along with great variable rate options. First home buyers, as well as those looking to refinance and invest, can expect some great deals ahead of the predicted rise in interest rates later this year or early next year. If you’d like to find out how to take advantage of the current low rates to reach your goals this financial year, then talk to us today.