Reserve Bank of Australia Cash Rate Announcement

At the the Reserve Bank of Australia’s (RBA) first meeting for 2020, they lowered the official cash rate by 25 basis points to a historic low of 0.50%.

Despite the rebound in housing prices, the economy continues to grow below the long-term trend. At the previous meeting, RBA governor Philip Lowe said that we may expect an extended period of low interest rates. “The Board will continue to monitor developments…and was prepared to ease monetary policy further if needed,” Lowe said.

The cash rate is the lowest it’s ever been and lenders are offering red hot deals to help property hunters achieve their new year property goals. If you are looking to buy a property or have had your mortgage for a while, now’s the perfect time to make the most of the cash rate cuts, so let us help you out. Get in touch today!