I think it would be fairly accurate to say that, without so much as the bat of an eyelid the Reserve Bank of Australia (RBA) held the cash rate at 2.50% at its September meeting held this week.
This is actually the 13th straight month the cash rate has remained on hold and the longest period of interest rate inactivity in over a decade.
Despite this cash rate stagnation, lenders are offering record low fixed interest rates to attract new customers – fixed periods of up to 5 years can be secured at less than 5.00% p.a. depending on the lender.
It’s important to keep in mind that a low rate doesn’t always guarantee savings. The age of your loan, existing loan structure and of course your future plans, will all impact the overall benefit of refinancing with a new lender or fixing your loan for an extended term.
We can’t tell you how long these rates will stay low for but we can tell you if and how there is money to be saved. One phonecall is all it takes.
If you’d like to know if fixing your home loan is right for you, call us on 07 3899 2866.