In today’s meeting The Reserve Bank of Australia kept the cash rate at 0.25% as the country continues to deal with the COVID-19 pandemic.
The RBA’s decision to maintain the cash rate comes amid reductions in consumer spending, further falls in house prices and Victoria’s extended lockdown to curb COVID-19 transmission, which has been tipped to hurt Australia’s economic recovery.
To read the full statement from RBA Governor Philip Lowe click here.
With rates at a record low and lenders continuing to offer very competitive rates, now is the perfect time to get strategic about your finances which may include reviewing and refinancing your current home loan.
If you have any questions or would like review your situation to ensure you have the right product for you, please contact us.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.