October RBA Update

The Cat’s Out The Bag!

Now that you have been bombarded with newsletters stating the slightly obvious, here is a quick run down of what happened last week.

In a widely anticipated move the Reserve Bank of Australia has raised the cash rate again, by 25 basis point, raising it to 2.60%. A few lenders have already begun to move their rates along in response to this. A short summary of a few lenders proposed rate increases rolling out this week:

Not all banks are included above, but if you have a particular lender in mind that you wish to enquire about please contact us.

The increase was the sixth in as many meetings. However, RBA governor Philip Lowe signalled in mid-September that the rapid increase in interest rates might soon slow. "At some point, it will be appropriate to slow the rate of increase in interest rates and the case for doing that becomes stronger as the level of interest rates increases,” he said.

In order to make sure you are getting the best out of your Home Loan please contact your broker directly, or our office for assistance.