Summer may be over but our property markets are starting to heat up! The Reserve Bank of Australia met today for its March meeting and decided to keep the official cash rate on hold at 2.0 per cent.
Forecasters widely predicted today’s decision, however many are speculating that a rate cut is on the cards during the first half of 2016. The RBA has previously indicated that the outlook on inflation may leave some scope for further easing of monetary policy, so we’ll look forward to their meeting next month for further news on rate cuts.
Lenders have been moving on rates outside of the RBA cash rate movements. There have been some interest rate increases, particularly for commercial property purchasers and residential property investors. However, conditions remain good for first home buyers and those in the market to refinance. And there are particularly good deals available for those looking to switch to a fixed rate.
If you’re planning to purchase this year, then don’t hesitate to call us to get pre-approval on your loan. This will place you in a great position to bid for the property you want.