Interest rate update: 3 May 2016
03/05/2016 Brian Godfrey, Mortgages and Finance Adviser
Today, as the end of the financial year draws closer, the Reserve Bank of Australia has announced the outcome of its board meeting and it has decreased the cash rate by 25 basis points.
The official cash rate is now 1.75%.
In taking this decision it appears the Reserve Bank has reacted to concerns around the relative strength of the Australian Dollar and the impact this is having on exporters and tourism, talk of a slowing housing market and new data showing inflation has dropped below their target range of 2.5 - 3%.
The market is speculating that lenders may not pass the decrease on in full, citing increased funding and regulatory costs.
Therefore a fresh round of competition is likely to be sparked amongst lenders so it is a great time for us to review current finance arrangements.
How does this impact the average mortgage holder? Here is a table showing how Australia's average mortgage sizes may be affected:
If you would like to discuss the current finance market in light of today's announcement and how it may impact you, speak to one of our mortgage brokers on 1300 726 082.
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