With national property markets indicating a recovery, the Reserve Bank of Australia has elected to keep the official cash rate on hold at 2.5%, for the third consecutive month. This news should help to boost consumer confidence, with interest rates remaining low for the foreseeable future.
Several economic factors could be influencing the RBA’s decision to keep the cash rate on hold at its current low level. The Australian dollar remains high, impacting our tourism, export and commodities markets and there is a continuing trend towards unemployment growth.
With confidence clearly returning to the property market, auction clearance rates are remaining high and there are a great range of options available to those in the market for a home loan.
If you have questions about your current circumstances, or this most recent RBA announcement, please get in touch today. Lending institutions change their criteria all the time, so it’s always good to touch base.
