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The RBA has decided to keep the cash rate on hold today, meaning that homeowners will have to face another month of interest rates at their current levels. For many, this move has not come as a surprise as most economists predicted that a rate cut was unlikely given the present state of the economy.
Although conditions have worsened somewhat with the recent sharp slide of the Australian dollar, the move to reduce interest rates is viewed as a last resort by the RBA with rates already at historically low levels. Furthermore, the bank feels there is still room for results to deteriorate before any further action is required.
Despite interest rates remaining on hold, there is still ample opportunity for you to take advantage of the current market, with lenders competing harder than ever to secure your business.
Original article from Rates Direct
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