At its meeting today, the Reserve Bank of Australia (RBA) has kept the official cash rate unchanged at the historic low of 0.10 per cent. To view the official RBA statement, please visit the Reserve Bank’s website.
Australia’s housing market started the year on a firm footing as shown in CoreLogic’s January data. Despite the rebound in housing values, RBA Governor Philip Lowe said that we may expect an extended period of low interest rates as the Board is set to keep its cash rate low until actual inflation is within its two to three per cent target band. “The recovery was still expected to be uneven and protracted, and it remained dependent on significant policy support and favourable health outcomes. It would take some time for output to reach its pre-pandemic level and an extended period of high unemployment was in prospect,” Lowe said.
The cash rate is the lowest it has ever been and will remain low for a while. This means strong competition among lenders, so get in touch to talk about your pre-approval to be ready to jump when you find your next property. Fornaro is also ready to review your existing loan to make sure it’s still competitive. Get in touch with Fornaro today!
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