Rates on hold
As expected, the Reserve Bank of Australia (RBA) decided to leave the official cash rate on hold at 1.5 per cent at their July meeting on Tuesday.
This month, it’s all good news for home-owners and those in the market for a new loan!
Next month (August) will bring us to a record breaking two-year period since the RBA moved on interest rates. Many Aussies are using this period to pay down their home loans.
Most local economists are still predicting the RBA will leave rates unchanged for the remainder of 2018. Some are even predicting there will be no RBA rate movements until 2020!
At the end of May, the average variable interest rate on home loans for owner occupiers remained at its lowest rate since 1965 (averaging 5.2 per cent comparison rate).
There are excellent deals currently available for those looking to refinance - and renovation season is here, so there’s no time like the present.
Even though the property market usually slows down during winter, there’s still plenty of housing stock up for auction this year. If you’re in the market for a new home or property investment please give us a call, as we’re ready to assist with a competitive deal to help you snap up a bargain!