At its first meeting for 2018, the Reserve Bank of Australia (RBA) decided to leave the official cash rate unchanged at 1.5 percent. What does this mean for interest rates?
- With the latest Australian Bureau of Statistics’ consumer price inflation report (CPI) coming in below expectations last week, few analysts think the economy will improve enough to see any interest rate increases from the RBA this year.
- According to some analysts, the RBA won’t increase rates until the inflation rate has gone up quite a bit – probably not until June 2019.
- Some lenders cut rates on their fixed rate owner-occupier loans in January. There were also some very competitive deals released for principal and interest investment loans. Contact us if you’d like to know more.
With the RBA unlikely to make changes to the cash rate anytime soon, lenders will continue to make their own interest rate adjustments throughout the year. Please stay in touch and we’ll help you stay on top of any changes from your lender, or news from the property market in your area.
It’s the new year! If you’re in the market for a new loan, have had your home loan for a while, or would just like us to check your borrowing power and rate, now is a great time to give us a call to get the ball rolling. If your family, friends and colleagues could benefit from our advice, we’d love to help them too.
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