As the cold winter weather well and truly sets in, the Reserve Bank of Australia has met for its August general meeting and decided to keep the official cash rate on hold at 2.5 per cent for yet another month. All indications are that the RBA will keep the cash rate at its current low level for some time to come, possibly for the remainder of 2014. During the coolest winter months, the property market traditionally slows right down. However this year, the period of stability on interest rates created by the RBA has stimulated activity to continue, with a large number of auctions occurring in most capital cities on a weekly basis. Additionally, auction clearance rates remain high, with the average around 70 per cent nationally. As you would expect, the low cost of funds has stimulated property prices. This is obviously good news for home owners, but there are also some great lending rates available for first home buyers, investors and those looking to refinance. Lenders have recently released some very low fixed interest rate loans and in some cases this means that the cost of borrowing is at an historical low. Whether you are looking to enter the property market for the first time, are expanding your property investment portfolio or just assessing your equity position, now is a great time to talk to us about your financial goals. So why not give us a call to chat about your plans?
RBA Rates On Hold Continued
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