RBA sets new record for interest rates

The Reserve Bank of Australia (RBA) has held the cash rate at its historic low of 1.5% for the 24th consecutive month. It is the longest period of interest rate stability on record.

The Bank’s central forecast for the Australian economy also remains unchanged with GDP growth expected to average a little over 3% in 2018 and 2019.

Citing stubbornly low inflation, record high household debt, a slack labour market and, more recently, falling dwelling values, Corelogic head of research Tim Lawless said, “Despite housing market headwinds from tighter credit conditions, the prospect of mortgage rates remaining reasonably stable should help to keep a floor under housing demand.”

According to its own research, CoreLogic reports that while the cash rate has remained unchanged for two years, the average standard variable mortgage rate has actually reduced by 5 basis points for owner occupiers and increased by 30 basis points for investors.

Please click this link to see the RBA Statement by Philip Lowe, Governor.

http://www.rba.gov.au/media-releases/2018/mr-18-17.html

We always suggest a quick check to see if your lender is looking after your best interests. Mortgage Masters Queensland offers a free service to do this for you. Our expert knowledge and leading industry software can assist you, so take this opportunity to review your current financial position and save thousands of dollars per year.

Our best rates (by Comparison Rate) on offer at present are:

  Lender Actual Rate Comparison Rate
Variable St.George 3.68% 3.69%
Fixed 1yr Macquarie 3.88% 3.76%
Fixed 2yrs Macquarie 3.99% 3.79%
Fixed 3yrs Macquarie 3.99% 3.81%
Fixed 4yrs Macquarie 4.39% 3.96%
Fixed 5yrs Suncorp 3.99% 3.88%

If you have any questions or queries about your existing or new finance, please contact me today either at paul@mortgagemastersqueensland.com.au or on my mobile 0405 633 633.


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‘Article by Paul Menti of Mortgage Masters Queensland’

By | 2018-08-07T05:36:19+00:00 August 7th, 2018|Interest Rates, RBA|0 Comments

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