RBA Puts a Pause on Rate Cuts
The Reserve Bank of Australia (RBA) has put a pause on cutting interest rates, leaving the cash rate unchanged at 0.75 per cent at their first meeting of the year. It will remain at this level at least until the next meeting on March 3, 2020. So what does it mean for you?
Since June 2019, RBA cut the cash rate from 1.5 per cent to record-low 0.75 per cent, and it is likely that we will see more rate cuts in 2020. However, since the record-low interest rates started to become more frequent with mortgage lenders, the confidence in home buyers has increased, and so did the property prices because of that. It means that it is a great time to buy your first home or invest in property before house prices increase even further.
If you're planning to purchase this year, then don't hesitate to contact our Mortgage & Finance team for a friendly chat or to get pre-approval on your loan. This will place you in a great position to bid for the property you want.
To read the full statement, go here: www.rba.gov.au