No news is good news – all time low interest rates on hold
No news is often considered good news and that was the case at the June Reserve Bank of Australia (RBA) interest rate meeting, which means rates will stay steady at 2.75%.
Did you know that just over 20 years ago, the official Australian cash rate was about 20% - yep you read right – a two followed by a zero with no decimal place in between. That is a long way from the current interest rate of 2.75%!
The current official cash rate is actually the lowest that it’s been in 53 years and it appears the RBA will now wait to see the full impact of the lower rates over the coming months.
Our industry gurus at Choice Home Loans said after May’s interest rate cut, they’re not surprised by the RBA’s decision to sit tight for the time being - and don’t get too excited but there is actually some speculation that there might even be one more rate cut by the end of the year!
However, with the historically low rates and some very competitive lending opportunities, there’s no time like the present to explore your new home or refinancing options.
For all your interest rate questions, mortgage needs or refinancing information, please contact our team of helpful and friendly professionals at Choice Home Loans, firstname.lastname@example.org or call 1300 2 CHOICE