At its June meeting, the Reserve Bank of Australia chose to keep the official cash rate on hold at an historic low of 1.5 per cent.
With the cash rate on hold, interest rates are likely to remain low and lenders will continue to offer competitive deals for those looking to purchase a home, an investment property or refinance.
We also wanted to let you know that last month’s Federal Budget announced new measures that may affect you and future interest rates, including:
A new bank levy from July 1, which may potentially cause interest rates to rise.
Assistance for first-home buyers to save a deposit by salary-sacrificing.
Incentives to encourage over 65s to downsize.
Increased taxes on property purchases for foreign or overseas buyers.
No changes to negative gearing.
If you’d like to find out more about these changes and how they may affect your home loan or property purchasing plans, please don’t hesitate to give us a call. If you’re in the market for a home right now, please give us a call and we’ll help you arrange pre-approval on a loan!