For the 13th month in a row, the Reserve Bank of Australia has left the official cash rate at a record-low level of 2.5 per cent. 25 experts predicted this outcome; 10 of these experts believe that there will be a rate increase in the first half of 2015.
The board concluded that monetary policy is appropriately configured to maintain sustainable growth in demand and inflation outcomes consistent with the target.
This is great news for new home buyers who are looking to take out a loan. It is the perfect opportunity to take advantage of low interest rates and secure your dream home.
Furthermore, in a statement released by the RBA, Glenn Stevens states that present indications show that the best course of action is likely to be a period of stability in interest rates.
It comes as no surprise that many people are choosing fixed interest rates on their mortgages. Mortgage Choice records state that almost one in four mortgages taken out last month were fixed.
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