The RBA’s September cash rate decision revealed

Australia’s official cash rate will remain on hold at the historically low level of 0.10 per cent after the Reserve Bank of Australia (RBA) decided it was the best move for the economy. You can check out today’s official statement on the RBA’s website.

The RBA’s decision was widely anticipated. Last month, RBA Governor Philip Lowe said the board would not increase the cash rate until actual inflation was within the 2 to 3 per cent target range – a condition that will not be met before 2024.

Lowe noted that housing markets continued to strengthen, with prices rising in all major markets and strong credit demand from owner-occupiers, plus increased borrowing by investors.

Interest rates are unbelievably competitive at the moment, so now is the time to shop around. Get in touch with us and we will find you a competitive mortgage that ticks all your boxes.

Want to know more about this announcement and what it means for you? Contact us today!

This month’s RBA cash rate decision

At its October meeting, the Reserve Bank of Australia (RBA) left the cash rate on hold at the historically low level of 0.10 per cent. You can check out today’s official statement on the RBA’s website.

The RBA’s decision came as no surprise, after RBA Governor Philip Lowe recently indicated the board would not increase the cash rate until actual inflation was within the 2 to 3 per cent target range – a condition that will not be met before 2024.

Lowe noted that housing prices were continuing to rise, although turnover in some markets had declined following the virus outbreak. He said housing credit growth had picked up due to stronger demand for credit by both owner-occupiers and investors.

Given the low interest rates and strong competition amongst lenders, now is a good time to review your home loan. Speak to us and we’ll help you explore your options.

Need help understanding what this announcement means for you? Contact us today!