06 Nov RBA UPDATE
Cash rate remains steady at 1.50%
On a day notorious for people taking a punt, the Reserve Bank of Australia (RBA) has elected to play it safe and leave the cash rate unchanged at 1.50% for another month.
Governor Philip Lowe had this to say in his official statement:
“Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Growth in credit extended to owner-occupiers has eased but remains robust, while demand by investors has slowed noticeably as the dynamics of the housing market have changed. Credit conditions are tighter than they have been for some time, although mortgage rates remain low and there is strong competition for borrowers of high credit quality.”
“The low level of interest rates is continuing to support the Australian economy.”
What does this mean for you? Despite the cash rate staying at 1.50%, lenders may elect to move rates independently. As such, it pays to remain vigilant and keep an eye out for a better deal on your home loan. Not only could you save yourself some money, but free up some cash during the expensive Christmas period ahead!
If you have any questions around the latest RBA announcement, or about home loans in general, please get in touch!