Save on interest rates and spend in retail
That was the thinking behind this month’s interest rate hold, which has seen the Reserve Bank of Australia (RBA) leave the rate at 2.5 per cent as we head into the silly season.
The interest rate hold this month is of no surprise to industry experts and with a more stable political environment, confidence is returning to the market.
It is thought that the RBA decided to hold interest rates to help boost the soft retail economy and provide households with more cash to splash over the Christmas spending period, which they hope will benefit Australian retailers.
Whether or not the interest rate hold will have that affect is yet to be seen, especially as online international shopping remains a very attractive loophole for savvy buyers looking to purchase at the best price, minus the GST, which is not applied to international sales and delivery.
For mortgage holders, the hold is definitely an early Christmas present and many of those who are in a position to fix their interest rates are certainly taking the opportunity to do so.
If you are looking to buy your first house or add a property to your portfolio, the all time low interest rates are providing a much more feasible financial solution when compared to recent years, so it’s a good time to explore your options and who knows – maybe even buy yourself a new house for Christmas!
And for those in a position to fix part or all of their home loan, now is certainly a good time to consider this. Speak to an expert at Choice Home Loans to see what your options are – you never know, the options and sums might surprise you and save you years off your home loan.
Contact Choice Home Loans for an obligation free chat at email@example.com or call 1300 2 CHOICE.