With the Federal Election coming up this Saturday, the Reserve Bank of Australia has decided to keep the official cash rate on hold at 2.5%. This follows a cut of 25 basis points last month, which brought the official cash rate to a historic low.
Home buyers are clearly enjoying the positive impact created by last month’s cut and lower interest rates, with housing prices indicating a recovery and auction clearance rates improving.
Over the next few days we expect to hear from lenders regarding any interest rate changes as a result of today’s decision. To find out how the continuing low interest rates may affect your financial situation, please get in touch today.
