At its third meeting today, 07-May 2024, the Reserve Bank Board (RBA) agreed to further hold cash rate target at 4.35%.
Details of this decision can be found on the RBA website. The next update is will be on 18-June-2024.
How does this decision affect you?
Gives me confidence to proceed with my financial goal
Relieved that there was no cash rate increase
Makes no difference to me. I am comfortable with repayments
Makes no difference to me. I am uncomfortable with repayment
This news will in no doubt be a relieve to homeowners. The inflation numbers have caused many economists to predict that a cash rate increase was on the horizon. Current Consumer Price Index (CPI) is 3.6%. The RBA forcasts that the inflation will return to 2-3% in the second half of 2025.
What does this mean for you?
The RBA rate decision affects the interest rate lenders offer on the loans provided. Whether you are on Fixed interest rate or Variable interest rate loan, a health-check of these loans is generally advisable.
It is important to review your home loan regularly to make sure it is best for you. If you are struggling with your mortgage repayments, as a priority will be to seek advice about whether your home loan is right for you.
If you are looking to buy a home, getting the right advice for you is important so that you can make informed decisions.
As your mortgage broker, we will compare the market for you, explain what your options are, and advice if there is a more competitive home loan with interest-saving features.
We offer you an obligation-free loan review whether you are refinancing or getting your first loan. Let us do the research, and find you a loan tailored to your unique requirements.
Contact us today and let's discuss your home loan needs.
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