With winter setting in and no sign of our property markets slowing, the Reserve Bank of Australia (RBA) met today for its June meeting and elected to keep the official cash rate on hold at 1.75 per cent.
The official cash rate is currently at all-time lows following a rate cut last month. Forecasters are predicting that low inflation figures may prompt the RBA to drop rates again this year, with speculation that another cut may be coming as early as August.
This is great news for property owners and buyers, with interest rates falling across the board following the RBA’s announcement last month. With plenty of housing stock available on the market, auction numbers high in most capital cities during May and conditions looking good for the remainder of the year, now is a great time to talk to us about your property goals.
If you’ve had your home loan for a while or are considering making the switch to a fixed rate product, now is also a good time to talk to us. We’ll take a look at your current home loan and do all the legwork to find you a more suitable product for your circumstances and goals, so please call us today.