At its May board meeting today, the Reserve Bank of Australia has decided to cut the official cash rate to a record low of 1.75 per cent!
This is great news for those of you who are in the market to purchase property this autumn! There are loads of great opportunities on the market and now we can look forward to lower interest rates to make conditions even more favorable for buyers!
This is the first rate reduction since May last year. The RBA’s decision to cut the cash rate is a response to the rising Aussie dollar and falling inflation rates. This latest cut is designed to lower the value of the dollar in order to continue stimulating more growth in our economy.
This cash rate reduction is expected to be passed on by lenders making it a great time to talk to your Mortgage Broker about refinancing to the right loan for you.