RBA rate announcement
No surprises from the RBA as the cash rate remains on hold.
As we enter the Spring season, the RBA has elected to keep the cash rate at 2.00%. This decision has come at a time when the global economy is performing moderately well, despite the recent economic turmoil in China and the Asia region.
Australia’s economy continues to steadily grow, off the back of a lower exchange rate. In this months statement released by Governor Glenn Stevens of the Reserve Bank, special mention was made of our strong credit market:
“Low interest rates are acting to support borrowing and spending. Credit is recording moderate growth overall, with growth in lending to the housing market broadly steady over recent months. Dwelling prices continue to rise strongly in Sydney, though trends have been more varied in a number of other cities.”
So, what does all this mean for you? With rates expected to rise in the coming months, now is the time to consider whether your current loan is the right one for you, right now.