Australian Interest Rates on Hold

The Reserve Bank of Australia announced this week that interest rates will remain at 2.75% for the second month running.

The RBA stated that they want to see how previous interest rate cuts have stimulated the economy. Also, the Australian dollar has fallen over 10% in the last month which added economic benefit for the Australian economy. Economists believe that interest rates are likely to drop at least once more before Christmas.

I hear no inside information about the banks changing their variable rate home loans but there are a number of fixed rate loans that have fallen below 5.00%  which is a very attractive rate if you are looking to fix your home loan. I will update the fixed rate products in another post.

In the mean time if you require assistance from a mortgage adviser from any of the major banks plus 40 other lenders feel free to submit a mortgage quote.