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  • Writer's pictureJohn Kalla

Recent RBA rate cut

Cash rate at a record low of 0.50% The Australian economy has had a tough few months and today, the Reserve Bank of Australia (RBA) has decided to drop the cash rate by 25 basis points, taking it to a new low of 0.50 per cent.

Governor Philip Lowe said: “There are further signs of a pick-up in established housing markets, with prices rising in most markets, in some cases quite strongly. Mortgage loan commitments have also picked up, although demand or credit by investors remains subdued. Mortgage rates are at record lows and there is strong competition for borrowers of high credit quality. Credit conditions for small and medium-sized businesses remain tight.”

It can be read from the above statement that the housing market is still continuing in an upward trajectory in most markets.For those with existing mortgages this will be a good opportunity to do a loan health check and find out your options. If you are looking to buy, remember to shop around or contact your broker for the best options to suit your needs.To find out if you could be saving


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