While Melbourne Cup Day often brings a surprise, the Reserve Bank’s decision on the official cash rate earlier today contained no surprises, with confirmation the rate will remain at 0.10%.
In line with previous commentary, the RBA has confirmed the view that it won’t be rushing into a rate hike, making it abundantly clear it wants to see that inflation is sustainably within the 2-3% target range.
The RBA’s stance on rate hikes continues to confirm it remains committed to maintaining highly supportive monetary conditions to achieve a return to full employment with wages growth of around 3% or more.
Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you’re prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business. We’re here to help if you have any questions or wish to review your circumstances. Please don’t hesitate to give us a call.