Summer 2010 Ends in Steady Cash Rate
After a welcome two-month break from cash rate hikes, the Reserve Bank of Australia (RBA) kicked off its 2010 monetary policy meetings by deciding to hold the country’s official interest rate at 3.75%.
The move surprised the vast majority of economists and market commentators, who expected an increase of at least a quarter of a percentage point. It was a decision that was welcomed by borrowers around the country.
Today is the first time since September that the RBA has kept the cash rate on hold. While celebrating this short-term relief, variable rate borrowers should use the pause to reassess their mortgage and prepare for future rate rises.
Local Mortgage Choice franchise owner Peter Johnson said, “The Reserve Bank is set to increase the cash rate at some point soon, so it moves to a neutral level, and this could happen as early as next month.”
“So, now is not the time to sit back. Borrowers of all types should be taking action to help ensure their budget can deal with higher repayments over 2010.
“Anyone in debt who hasn’t revisited their financial commitments lately to see if there is a way they can reduce their repayments may find this passive stance is losing them money.
“As a borrower, you are always in a position to try negotiating a lower interest rate with your lender. You are always in a position to search for a better deal that lowers your repayments. And you are always in a position to explore restructuring your commitment to help ease the strain of rate rises.
“Making changes doesn’t have to be daunting. I can help you achieve each of these goals by guiding you through a home loan health check and/or acting on your behalf to check for ways to improve your mortgage situation.”
Call us on 02 9521 161 or visit:
www.mortgagechoice.com.au/sutherland1
www.facebook.com/pages/Sutherland-Australia/Mortgage-Choice-at-Sutherland/30448396311
http://mortgagechoiceatsutherland.blogspot.com/
No comments:
Post a Comment