No change as RBA holds interest rates at 0.1%
Today’s RBA monthly board meeting has once again kept interest rates at 0.1%.
‘Very accommodative financial conditions will continue to support the recovery of the Australian economy. Borrowing rates are at record lows,’ the RBA said today.
Despite all the pandemic turmoil, a home loan is well worth investigating right now.
In fact, cash rates have remained at this historic low for almost a year now.
‘Housing prices are continuing to rise, although turnover in some markets has declined following the virus outbreak,’ the RBA noted.
‘Housing credit growth has picked up due to stronger demand for credit by both owner-occupiers and investors.
‘Given the environment of rising housing prices and low interest rates, the Bank is monitoring trends in housing borrowing carefully…
‘The Delta outbreak is expected to delay, but not derail, the recovery,” the Central Bank added.
The great news for home buyers is that paying off a mortgage is now cheaper than paying rent on 36.2% of Australian properties.
Lenders are battling for your business and there are great deals for the savvy investors and buyers.
So, if you are thinking about jumping into the market for a first home loan or hoping for a better deal with your current mortgage, we can assist.
Contact our expert and friendly team and let us help you find the most suitable mortgage for your circumstances.
And, of course, we offer video conferencing during lockdowns.