While the autumn wind blows colder, things are heating up in the property market as the Reserve Bank of Australia (RBA) decided to slash the official cash rate to a historic low of 0.50% at its meeting today.
At the previous meeting, RBA governor Philip Lowe said that despite expectations of stronger global growth this year, the recent coronavirus outbreak has become a source of uncertainty. “In the short term, the bushfires and the coronavirus outbreak will temporarily weigh on domestic growth”. He also said that we may expect an extended period of low interest rates. “The Board will continue to monitor developments… It remains prepared to ease monetary policy further if needed”, Lowe said.
The cash rate is the lowest it has ever been and lenders are offering competitive rates to help you achieve your property goals. If you have had your mortgage for a while, now’s the perfect time to make the most of the cash rate cuts, so let us help you out. Get in touch today on 0437 498 800!