Interest Rate Update for July

It’s been a momentous couple of weeks both politically and economically with ‘Brexit’ announcement uncertainty around the result of Saturday’s federal election. Adding to action, the Reserve Bank of Australia has just announced the outcome of its board meeting. The Reserve Bank of Australia has decided to leave the official cash rate at 1.75%.

In making this decision the RBA resisted the temptation to lower rates further despite concerns around the financial market shockwaves caused by ‘Brexit’ and the destabilizing effect of an uncertain political landscape here in Australia.

Instead it appears the RBA has decided to wait until its August meeting to reassess the impact of these factors as well at the next quarterly inflation reading due at the end of this month.

Even though the cash rate has remained unchanged, it’s still wise for us to talk, if we haven’t in some time, to ensure you are aware of recent changes in mortgages and how they may affect you.

Get in touch today to make sure you are taking advantage of daily changes in the increasingly competitive mortgage market.

Dim – The Bare Broker

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