Here’s a bit of welcome news for mortgage holders: Australia’s record-low cash rate is likely to remain in place until 2023, according to leading economic and property experts.
Whenever the Reserve Bank of Australia (RBA) changes the official cash rate we all hear about how it will impact home loans. But it affects many other areas of finance and the economy, which we’ll look into today.
Fixing your home loan while rates are dropping is a bit like pulling the ripcord on a parachute. If you do it early you’ll get a steady ride but may miss out on a bit of action. But if you leave it too late things might get a little messy.
Banks Increase Rates, RBA Keeps Cash Rate at 1.5 Percent At it’s October meeting, the Reserve Bank of Australia (RBA) kept the cash rate at a record low of 1.5 percent, extending its record period of policy inaction beyond two years. Even though the RBA is not expected to raise official interest rates in the near future, both smaller and …