Reserve Bank holds cash rate steady at 1.0%
After back-to-back rate cuts in June and July, the RBA has left the cash rate unchanged this month.
The RBA is taking a wait and see approach to gauge the impact of lower rates on our economy and in particular, the jobs market.
But we may not have the seen the end of rate cuts just yet.
Some economists are predicting the cash rate could go even lower. And the RBA itself has hinted that it’s open to further rate cuts if it looks as though the economy needs the extra stimulus.
How can you benefit?
Today’s super-low rate environment is offering plenty of opportunities to home buyers, and Aussies with a home loan.
Already, we’ve seen an uptick in first home buyer activity, and it’s great to see more Australians getting into a place of their own. The more relaxed lending rules imposed by bank regulator APRA, could mean many are closer to buying their first – or even next – home. Get an expert’s view by talking to your Aussie Broker.
With many lenders recently lowering their variable rates in response to both recent rate cuts, now’s the time to make sure you haven’t missed out on any potential savings. We’re keeping our eye on how the lenders are reacting, and you can too with our rolling coverage.
It can be easy to be uncertain about the rate you’re currently paying and knowing if it’s still the right fit for your circumstances. This is why now is definitely the time to get in touch with your Aussie Broker for a quick review of your home loan. It costs nothing more than a few minutes of your time, but it could be the start of big savings on your home loan repayments.