RBA states no further rate cut required
Although there wasn’t an interest rate cut at today’s RBA meeting, it’s not all bad news as there are currently some lenders now offering fixed rate home loans well under the 6% interest mark, making it a more affordable time to buy.
Many home owners would have still hoped for another interest rate cut today but many others would still be really enjoying the two consecutive RBA interest rate cuts from May and June, which saw a total of 0.75% reduction in variable rates.
Today’s decision by the Reserve Bank of Australia (RBA) to keep the official cash rate on hold is really no surprise and we’re not expecting to see another interest rate cut in the near future.
The reason? Well, the RBA meet on the first Tuesday of every month and they won’t be rushing into another rate cut as they like to wait and see what results the previous interest rate cuts have had, before deciding what they do next, and those results are still to flow through in financial data.
With this all said, there are some fantastic interest rates in the market and this week we have seen some lenders cutting their fixed rate loans to well under 6% for up to three years.
If you want to secure the best mortgage for your needs and get access to the most competitive interest rates, contact Choice Home Loans today at firstname.lastname@example.org or call 1300 2 CHOICE.
Do you think there will be another interest rate cut this year?