The Reserve Bank of Australia held interest rates at a steady 2.25% for the second month in row on Tuesday. The decision to hold the cash rate keeps the way clear for a possible cut in the first week of May, just before Treasurer Joe Hockey hands down his second budget on May 12. The vote against another cut for now still leaves the 2.25% cash rate at the lowest level since at least the 1960s.
Despite no movement from the RBA, homeowners are still experiencing favourable borrowing conditions, finder.com.au Money Expert Michelle Hutchison says.
“There is still a huge difference in what lenders are offering, and on the pointy end it is very competitive. For instance, variable home loans start from 4.23%. Lenders are also competitive and keen to sign up new customers so it’s worth doing your research, find out how your home loan compares to the rest of the market, ask your lender for a discount or switch to a cheaper deal.”
If you’re looking to buy, or sell – now may be a great time! Please feel free to contact our team at Dowling Lake Macquarie on 4958 8177 if we could be of any assistance in helping you achieve your real estate goals!