At its meeting today, the Reserve Bank of Australia (RBA) has kept the official cash rate unchanged at the historic low of 0.10 percent. To view the official RBA statement, please visit the Reserve Bank’s website.
Last month, the Board slashed the cash rate for the third time this year at a historic low of 0.10 per cent. This was accompanied by an additional bond purchase (quantitative easing) program worth $100 billion of government bonds over the following six months. “The combination of the RBA’s bond purchases and lower interest rates across the yield curve will assist the recovery by: lowering financing costs for borrowers; contributing to a lower exchange rate than otherwise; and supporting asset prices and balance sheets,” RBA governor Philip Lowe said.
Interest rates will likely remain at a record low for the foreseeable future as the RBA won’t meet in January. This is a great opportunity to review your loan or compare the home loan market to ensure you’re getting a competitive offer that suits you. Get in touch today so we can get started!
Property market snapshot
If you’d like to know more about this announcement and what it means for you, talk to us today!