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.
Property market snapshot
Need help understanding what this announcement means for you? Contact us today at 1300 881 220 or book a time to chat with me at calendly.com/louise!
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