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RBA announces cash rate on hold for another month

by Nick Chong
01/06/2021 in News

RBA announces cash rate on hold for another month

November RBA Rate Cuts

The Reserve Bank of Australia (RBA) today announced it plans to keep the cash rate at 0.1% for yet another month. This is the sixth consecutive month the cash rate has remained at an all-time low.

Despite the housing market showing signs of recovery, the RBA plans to hold this rate at the lowest possible level until 2024 in a bid to stimulate economic growth.

“At its meeting today, the Board decided to maintain the current policy settings, including: the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond; the parameters of the government bond purchase program; and the rate of zero per cent on Exchange Settlement balances.”

Governor Philip Lowe

While the RBA’s record-low cash rate has in turn generated historically low interest rates, a number of lenders are moving away from offering the sub-2% rates that were on the market just a few months ago. Lenders are anticipating a change in the price of money as Australia enters into a new bond period at the end of the June.

Looking to secure the sharpest home loan rate on the market? Speak to one of our brokers today.

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Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn’t take into account any product features or any applicable fees.

*6.04% Interest rate based on an Owner-Occupied, Principal and Interest, standard variable, minimum loan size of $250,000, maximum LVR of 80%, over a 25-year term. Eligibility is subject to servicing requirements, contact one of our specialised mortgage brokers for more information.

^6.05% Comparison rate based on a loan of $250,000 over a 25-year term. WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.

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