Great news for those in the market to buy property this autumn! The Reserve Bank of Australia met for its May meeting today and decided to cut the official cash rate by .25 basis points, bringing it to a new historical low of 1.75 per cent.
Wow! That’s seriously low.
With the Aussie dollar on the rise and the national inflation rate falling, the RBA has made this move today in an effort to cut the cost of borrowing and stimulate the economy. It is the first rate cut to occur since May last year and it brings the official cash rate to an all-time low.
It will be interesting to see if lenders move to cut home loan interest rates as a result of today’s RBA decision, and by how much. However, we’re sure there will be great rates available for first home buyers, next home buyers and those looking to refinance. Property investors can also look forward to accessing more competitive rates.
With property markets very busy at this time of year, getting pre-approval on your loan is a wise move. We’re here to help you get your finance in place, so please give us a call.