The Reserve Bank of Australia has held the official cash rate at the record-low 2 per cent at yesterday’s board meeting in line with predictions.
The rationale did not differ too much from September’s statement with Reserve Bank governor Glenn Stevens indicating the economy continues to grow “below longer-term averages” meaning “monetary policy needs to be accommodative”.
Guessing rate movements is a difficult game and expert opinions seem to be split as to whether we’ll see a cut or increase by the end of the year but I think relative stability is on the cards.
Rate movements aside the good news is, even if they do rise, they are going to stay low in the foreseeable future and that’s great for businesses, mortgage holders and home buyers.
Now is definitely a great time to get excellent value for money when it comes to finance, whether it be a new loan for business, equipment, a motor vehicle, investment or your home, or simply improving your existing finance.
Come December/January there will be lots of resolutions floating around and improving your finances is a popular goal (especially off the back of increased Xmas spending) but my advice is to get in early, do it now!
If it’s been some time since you’ve reviewed your existing finance arrangements, give us a call. In just one consultation we could help you to:
- Reduce your monthly loan repayments – home or business
- Save time off your home loan
- Secure competitive finance for a renovation
- Minimise business banking covenants
- Improve business cash flow
- Expand your business through new equipment or facilities
- Consolidate your debts
- Get your budget on track
- Improve your retirement nest egg
Simply give us a call on 07 3899 2866 and we’ll show you just how much you can save.