The Reserve Bank of Australia has held the cash rate at 2.50% for the 15th consecutive month at today’s meeting making all mortgage holders a winner this Melbourne Cup.
The announcement of ‘no change’ was no surprise to most in the industry with the majority of commentators predicting they’re now unlikely to rise again until mid 2015.
That’s great news for homebuyers, investors and business owners alike with historically low interest rates available from most major banks and lenders on a range of fixed and variable loan products.
As we head into the silly season and the diary becomes full of end-of-year celebrations I encourage you, while you have a spare moment, to take some time out to review your financial situation – is your home or business loan more than three years old? Would you like to save money on your repayments? Are you considering a move, an upgrade or would you like to invest in property? Do you need to consolidate your debts before summer spending hits? With rates sitting below 5.00% in some instances, now is a good time to consider your options.
Whether it is time to lock in a low fixed rate on your loan, or perhaps refinance to a better deal banks are keen for business with some lenders even offering to cover up to $40k in switching costs for small business lenders.
Whatever your plans, one of our professional Finance Consultants can help. Contact the team at Green Finance Group on 07 3899 2866 to book your no-obligation review.