We hope you are enjoying the fantastic summer weather and are all ready for another exciting year as things start to heat up in the Australian property market! The Reserve Bank of Australia (RBA) met today for its first meeting for 2017 and has elected to keep the official cash rate on hold at 1.5 per cent yet again.
Meanwhile, many lenders have been adjusting interest rates outside of RBA movements. Since December, some have lowered their rates on owner-occupier loan products, whilst increasing their rates on fixed term loan products particularly for longer 3 or 5 year terms. This had led analysts to speculate that the bottom of the market has now passed on fixed rate products.
Just because the RBA has not moved on rates this month, doesn’t mean you can’t! There are some very low interest rates available at present and conditions are improving for property investors, so get in touch with us today if you’re looking to refinance or need a new loan for any purpose.