At its May meeting today, the Reserve Bank of Australia (RBA) decided to leave the official cash rate unchanged at 1.5 per cent. Today’s decision makes it 21 months in a row where the RBA has decided to leave the cash rate on hold. It is also the longest period without a cash rate rise in the RBAs history!
Whilst the latest data indicates the economy is slowly improving, analysts predict the RBA will not raise rates anytime soon and no cash rate cuts are on the horizon at all.
Meanwhile, the autumn property market is going strong, with record auction numbers in many cities. Auction clearance rates are slightly down, which is an indication conditions could be moving in favour of property buyers.
If you’re in the market for a new home or investment property, please get in touch now to arrange pre-approval on your loan. We can help you access a competitive rate and will help you find the right loan solution for your individual needs.