More good news for the consumers of Australia as we move into the third month of the year! The Reserve Bank of Australia (RBA) met yesterday to discuss the interest rates in their monthly board meeting.
In the early afternoon, a statement was released stating for the rates would stay firm at the current cash rate of 4.75%. As this decision did not come as a shock to the majority of the market, it is a relief and gives consumers another month of breathing space. This decision was hinged on various situations including the high exchange rate, strong competition in the market, consistent inflation and a strong national income.
Many industry professionals have observed that the next interest rate move will probably occur in the third quarter of the year. August seems to be on the top of economists as the month to be prepared for change, though they do say it could come as early as May.
For consumers this means we have a few more months of low rates before another hike increases interest on credit cards and more importantly, mortgages. Now is a great time to think about refinancing your current home loan in order to lock in a lower rate while possibly unlocking some of the equity in your home to free up some cash.
Refinancing allows you to pay out your current home loan and use additional equity in your home to fund a holiday or renovations. This product also allows you to change your current mortgage provider or the features locked in to your home loan.
Throughout the life of a home loan, it is not unusual to change providers or products due to the fact that life situations change which means there could always be a better home loan out their for you.
Avoid trying to find the best home loan and lowest rate yourself and give Australian Lending Centre a call, as we have already done the hard work for you. Call us on 1300 138 188 to discuss your home loan option with a refinance consultant. Alternatively, fill out the enquiry form on the right and a refinance consultant will contact you shortly.
