Ho ho ho a merry interest rate hold

If you were waiting to see what your secret santa budget would be based on this month’s interest rate announcement, you will be filled with festive cheer knowing the Reserve Bank of Australia (RBA) has decided to leave interest rates steady.

If your mortgage is on a standard variable interest rate, you’ll be pleased to hear that the RBA has held interest rates steady at 2.5% for the fourth consecutive month.

Having not moved the rate since August, the RBA continues to adopt a wait and see approach to give the market time to respond to the interest rate cuts from earlier this year.

Housing approvals over the last 12 months are currently up by about 20% per cent and while realestate.com.au say there will be no interest rate cut under the Christmas tree this year, they acknowledge that investors and sellers are taking full advantage of the historically low interest rates, while first home buyers remain timid, despite favourable conditions.

Regardless of whether you are on a fixed or variable interest rate, if you are looking for a better deal it’s always best to speak to the professionals and see if they can negotiate an interest rate reduction for you, especially with such low interest rates available on the market.

Whether you want to review your current interest rate or find out what your new home finance options are, speak to the experts at Choice Home Loans - simply contact them at info@choiceloans.com.au or call 1300 2 CHOICE.

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