The Reserve Bank of Australia announced that the official cash rate would remain unchanged at 1.50% p.a. Click here for the full statement by the RBA Governor Philip Lowe.
So what does the cash rate mean for the current Property Market?
Depending on your particular situation, the difference in the interest rates could mean saving thousands of dollars in mortgage payments over the course of the year. Which means more money in your pocket and who doesn’t want that?
But like all good things, they must come to an end and according to the governor of the Reserve Bank of Australia, Philip Lowe, the days of interest rate may be coming to an end.
If you’re on the fence about entering the property market, now would be the time to make a decision and reap the benefits of the lowest interest rates we’ve ever seen. So organise a meeting with your bank today to see what they can do for you.