Mortgage Broker What If We Finance advises February 2 2021 the RBA left the official cash rate unchanged at 0.10%.
RBA governor Philip Lowe revealed that the RBA did not expect to increase the cash rate for at least three years, or at least until there is a lower rate of unemployment and a return to a “tight” labour market.
In a statement explaining the RBA’s first cash rate decision for this year, Mr Lowe reiterated that the central bank board would not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.
“For this to occur, wages growth will have to be materially higher than it is currently. This will require significant gains in employment and a return to a tight labour market. The board does not expect these conditions to be met until 2024 at the earliest,” Mr Lowe said.
Bank Increases Interest Rates
Independent Mortgage Broker What If We Finance said “this does not mean banks will not adjust interest rates independently. Today ING marginally increased interest rates for some loan categories. This means your home loan is gradually getting more expensive.
The worse thing you can do is sit on your home loan and not review your rates every 6-12 months. Your mortgage broker What If Finance can help you achieve this.
Using our Home Loan Health Check we will take the time to understand your needs, compare the market and help you find an unbeatable home loan. The process takes no more than 20 minutes and is free and comes with no obligation.
Contact What If We Finance to find out more.