As anticipated by market analysts, the Reserve Bank of Australia (RBA) cut the official cash rate for the second month in a row, bringing it to just 1% p.a. – a new historic low. RBA Governor Philip Lowe said last month:
“The possibility of lower interest rates remains on the table”
Many analysts expect at least one more RBA rate cut by November this year, and whilst most lenders passed on last month’s rate cut to borrowers, causing home loan interest rates to hit their lowest levels since November 2016, it will be interesting to see what happens this time round.
On the property market front, CoreLogic reported that home value falls are slowing and auction clearance rates are up, so if you’re looking to buy a home it could be a good time to make a move.
Call our lending specialists Josh and Christine to find out more on 03 9686 4976.
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At its May meeting, the Reserve Bank of Australia elected to keep the official cash rate on hold at 1.5 per cent. However, Australian lenders are still increasing rates to keep in line with APRA's new lending rules...
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