Published on May 1st, 2018
May 2018 RBA AnnouncementAt its May meeting today, the Reserve Bank of Australia (RBA) decided to leave the official cash rate unchanged at 1.5 per cent. Today’s decision makes it 19 months in a row where the RBA has decided to leave the cash rate on hold. It is also the longest period without a cash rate rise in the RBA’s history!
Whilst the latest data indicates the economy is slowly improving, analysts predict the RBA will not raise rates anytime soon and no cash rate cuts are on the horizon at all.
Meanwhile, the autumn property market is going strong, with record auction numbers in many cities. Auction clearance rates are slightly down, which is an indication conditions could be moving in favour of property buyers.
If your home loan interest rate has risen recently, or you’d like us to check the market for a more competitive option, please get in touch with the Elders Home Loans team.