06 Aug RBA & Interest Rate Update
It seems the Reserve Bank of Australia is not concerned about inflation as we complete a 12 month period of stable interest rates with the cash rate remaining at 2.50%. Glen Stephens the Reserve Bank Governor indicates there are no plans in the immediate future for the outlook to change.
On the other hand we see major banks along with well-established smaller lenders reducing their margin on fixed rate term loans. We have seen five year fixed interest rates as low as 4.69% p.a. with a comparison rate still under 5.00%
This suggests the variable interest rate is not really going anywhere soon. There are arguments from economists with different perspective suggesting the cash rate can still come down and others suggesting the next movement are up.
What does the mean for you as an individual and or a business owner? It simply means now is a good time to borrow money at a very cost efficient interest rate for whole lot of things. For example, refinance your current home loan, business loan, credit cards, ATO Debt, creditors if you like! If you need to replace a vehicle these interest rate a good too.
Now might be the time for you and your family to consider what options you have available to you.
If you have financial questions about your personal or business financial requirements we are here to be your financial supporting partner. Today the financial market is a very large confusing and having an expert assist you is comforting when there is no coast to you.
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