The Reserve Bank of Australia has opted to leave the official cash rate on hold at 1.5% – 3 October 2017.
After a weekend of football excitement, all eyes were on the Reserve Bank of Australia board meeting today where it was decided to once again leave the official cash rate unchanged for the 14th consecutive month.
With regulatory changes to investor lending appearing to have taken some heat out of the Sydney property market in particular, the RBA continues to take a wait and watch approach due to modest growth and inflation forecasts as well as continued concerns around low wages growth and the impact of rising power prices on households.
Century 21, a real estate organisation with over 100,000 staff in 78 countries, believes that the Reserve Bank of Australia’s decision to leave the official cash rate on hold may encourage Australians to assess the strength of their financial position.
Charles Tarbey, Chairman and Owner of Century 21 Australasia, believes…
“Whilst rate rises may not be on the immediate cards, it is likely the next change will be upwards.”
“It may be too early for a change now however Australians should factor in this possibility if they are evaluating their financial commitments,” said Charles Tarbey.
“For those looking to fix their loans, they may be wise to only fix a portion of it and continue to make reductions on their debt.”
Century 21 encourages potential buyers who are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.
With over 3,000 offices, Century 21 is the largest real estate sales organisation in the Asia Pacific region, a region vital to Australia’s continued economic success.
“A forward thinking approach to paying down mortgages may help Australians to withstand the impacts of any upward movement that may occur in the mid to long term,” said Charles Tarbey.
According to CoreLogic, dwelling values edged 0.2 per cent higher across Australia over September, led by a 0.3 per cent rise in capital city values and a 0.1 per cent gain across the combined regional markets.
Regardless of whether rates move up, down or stay the same, we are always on hand to ensure you still have the right financial solution for your current circumstances.
If you’d like to have a chat about what today’s news means for you and your finances, contact Mortgage Perth today on 08 6279 1459 to discuss your current or future loan requirements with our team of professional mortgage brokers.