Lender Applauds RBA Rate Hold
Australia’s largest online lender loans.com.au today welcomed the RBA’s decision to keep the official cash rate on hold at 1.75 per cent.
Managing Director Marie Mortimer said that it made sense to wait until it was clear what impact the UK’s Brexit vote and earlier rate cuts had upon on economic growth and inflation.
“The RBA is monitoring the effects of the Brexit vote carefully and has decided to wait for information, including domestic inflation data, before deciding whether to cut,” Ms Mortimer said.
“This delay makes a rate cut next month increasingly likely, which will be a further benefit to homeowners who are already enjoying historically low rates.”
“It seems that we may be approaching the bottom of the interest rate cycle, so now is a good time for homeowners to consider locking in a fixed rate on their mortgage before rates start rising again.”
Loans.com.au is currently offering a record low 3-year fixed rate of 3.67 per cent (3.88 comparison rate).
Homebuyers can borrow up to $500,000 under the 3-year fixed rate and there is a $375 rate lock fee.
The offer is available to owner-occupiers who are repaying principal and interest.
Loans.com.au offers innovative online finance products backed by Firstmac, Australia’s largest non-bank lender, with 35 years’ experience and $8 billion in mortgages under management.
Loans.com.au has five stars for Outstanding Value from Canstar, and was named the Best of the Best Cheapest Home Loan and Cheapest Flexible Home Loan 2015 by Money magazine. It holds Financial Review Smart Investor’s Blue Ribbon Award for the Best Property Investment Loan - Variable 2015.
Image Source: Image Library of RBA website