Once again, the Reserve Bank of Australia has kept interest rates on hold. The current cash rate of 1.50% will not change for at least another month. It has now been at this rate for 7 months. This outcome was widely predicted, though many economists believe this will be the year that rates begin to move in an upward direction.
Although the RBA has continued its stable attitude, the lenders have been steadily raising rates since October last year, mainly with Investment or Interest only products, however we have seen a few small Home Owner rate rises recently with both variable and fixed rates.
With Home Owner Principle and Interest variable and fixed rates now being very different to Investment or Interest Only rates, comparing lenders has become almost impossible for the home owner. If you are looking to improve your current lenders rate why not let our expert knowledge and leading industry software assist you.
Why not take this opportunity to review your current financial position by asking us to assess your best available options? We could save you thousands of dollars per year, and this service comes at no charge to you.
Would now be a good time to lock in a good fixed rate before the lenders raise them again?
The full statement by the RBA Governor can be viewed here;