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As widely expected, the Reserve Bank of Australia (RBA) left the official cash rate on hold for another month while they ‘buy time’ to see what impact the lower Australian dollar, falling oil prices, share market instability and slowing housing market play out.
Aside from the lower Australian dollar, all those other factors are arguments for reducing interest rates further, but as I have repeatedly said (and most people know), the RBA is ‘trigger happy’ when there are economic conditions that support a rate rise, but very ‘late to the party’ when conditions favour a rate drop.
As I wrote in my article last week, it’s a given interest rates will be cut in the first half of 2016 and this week’s decision to leave them on hold is simply delaying the inevitable and may yet prove to have been a costly error.
So while the official cash rate remains unchanged for now, competition continues to drive individual banks and lenders to bring new loan products to market, so I strongly urge that you speak with us if we have not assessed your loans and loan structures in recent times.
Either call us on 1300 883 854 or contact us online here and in the comments section type #checkmyloans.
Partnering with you for your investment success,