As widely expected, the Reserve Bank of Australia (RBA) has left official interest rates on hold today at 1.50%.
Many economists are predicting that interest rates will remain on hold well into next year. In order for the RBA to increase interest rates, it would likely need to see the unemployment rate fall dramatically, as well as a solid increase in wage growth across the country.
Despite official rates remaining steady, we are still seeing plenty of changes to interest rates available from our panel of lenders. Recently, I’ve been speaking to many of my clients who have loans with interest only repayments and have expressed an interest in switching to principle and interest repayments, given the difference in interest rates between the two. Please feel free to get in touch with me for this months ‘Top Picks’ in home loan and investment loan rates.
I would like to highlight some of the benefits of using me as your mortgage broker given some of the stories which have been circulating in the media recently. Mortgage brokers now look after more than half of all new home loans in Australia, and this percentage is growing larger each year. I am proud to be part of an award winning team that prides itself on our excellent service and advice, and with over 100 years of combined finance experience, we will be here to help with your finance needs for years to come.