This month the Reserve Bank of Australia (RBA) has kept the official cash rate at the historic low of 0.25 per cent.
RBA governor Philip Lowe said in the previous meeting that the RBA is prepared to scale up its bond purchases if needed. They will do whatever necessary to ensure bond markets remain functional and achieve the yield target of 0.25 per cent on 3-year Australian Government bonds until progress is made towards full employment and inflation. The RBA is confident that inflation will be sustainably within the 2-3 per cent target band.
With this announcement, it is likely interest rates will remain low for a while. Now is the perfect time to compare available home loans to make sure you’re still getting a competitive offer that suits you. Get in touch today so we can get started!