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RBA Cash Rate October 2023

RBA Cash Rate October 2023

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In October, the Reserve Bank of Australia (RBA) kept the official cash rate unchanged at 4.1% for the fourth consecutive month. This decision was made during the first meeting with the new RBA governor, Ms. Bullock, who took over the role in September.

Ms Bullock explained that recent data suggests inflation is moving back into the target range of 2-3, and the job market remains strong. However, there are uncertainties about the future, including the persistence of service price inflation and how businesses will respond to slower economic growth.

In response to this decision, experts noted that the RBA is likely to keep an eye on the housing market, and the future of interest rates is uncertain. While some experts believe rates may rise again, others think there could be rate cuts in the future.

Overall, the decision to keep rates steady was expected, and the RBA will continue to assess the economic situation in the coming months.

Cash Rate Holds Good News For Home Borrowers

The Reserve Bank of Australia (RBA) has kept the cash rate at 4.1%, meaning interest rates are unlikely to change shortly. This is good news for home borrowers, as it means they won’t have to worry about increasing repayments.

If you’re considering refinancing or wish to assess the competitiveness of your current variable interest rate, consulting with a mortgage broker is a cautious step. Additionally, prospective homebuyers can benefit from the expertise of a mortgage broker to determine their borrowing capacity.

In short, the RBA’s decision to hold the cash rate at 4.1% is good news for home borrowers.

RBA Rate Predictions: Economists Expect Further Increases

RBA Rate Predictions from experts

Economists predict that interest rates will continue to rise, with some estimating that they could go as high as 4.35% by the end of 2023. While the recent decision by the RBA has brought some stability, there are differing opinions among major banks.

ANZ, CBA, and Westpac suggest that the RBA may have concluded its tightening cycle, while NAB stands apart, expecting a 25-basis-point hike in November.

Given the current economic situation, things are constantly changing. If you have a mortgage or are planning to buy a house, it’s important to pay attention to any changes in interest rates. It’s a good idea to talk to a mortgage broker who can help you navigate this changing situation and make informed decisions about your home loan.

How a Mortgage Broker Can Assist You in Managing Your Mortgage

Managing Your Mortgage with clients

Managing your mortgage effectively is crucial for your financial well-being. It involves budgeting, making informed decisions, and preparing for potential changes in interest rates. A mortgage broker can be a valuable partner in this journey, offering expertise and guidance. Here’s how a mortgage broker can assist you:

Budget Review and Planning:

If you’re worried about keeping up with your mortgage payments, a mortgage broker can help. They keep up with mortgage market trends and can advise you on budgeting for your payments, even if interest rates increase. This way, you can be prepared for any changes that might happen.

Refinancing Expertise:

If your fixed-rate mortgage is about to end or you’re unhappy with your current variable interest rate, a mortgage broker can assist you with refinancing. They have access to many lenders and can assist you in obtaining a lower interest rate, which could result in lower monthly payments.

Optimizing Repayments:

Making extra repayments on your mortgage can save you money on interest and shorten your loan term. A mortgage broker can advise you on structuring your repayments effectively, considering your financial goals and circumstances.

Financial Planning:

A mortgage broker can offer comprehensive financial advice beyond mortgages. They can assist you in building an emergency fund, reducing other debts like credit cards and personal loans, and creating a holistic financial plan tailored to your goals.

Individuals with mortgages must be proactive in managing their finances and stay informed. Although the RBA’s decision may provide some stability, it is essential to remain vigilant and seek professional advice for optimal results in the ever-changing mortgage market.

By staying up-to-date with economic news and reviewing their budget regularly, borrowers can make informed decisions and create a repayment strategy that suits their requirements. As an assistant, I help borrowers compare rates, find the best deals, and make sound financial decisions. Find us here.

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177 reviews on
Adam Smith
Adam Smith
December 3, 2023
I initially engaged Spiro (What if we Finance) back in Sept-22 when I was first looking into possibilities of buying a property. As part of my due diligence I met with several well reviewed Mortgage Brokers at the time, however, not one of them were as clear at walking me through the process and clarifying my personal borrowing power vs buying objectives as much as Spiro did. I knew after the initial discussion that he was “the one” and based on our chat he made it clear that in order to meet my borrowing objectives my deposit may be a limiting factor. Well, one year later and with a bigger deposit, I got back in contact in order to officially start the process. Impressively, Spiro remembered me and we continued our discussion by going through everything in detail once again based on current market conditions. His process and tools made the entire process smooth, stress free and easy to understand, and I felt very confident knowing Spiro was my trusted advisor and would be able to handle any issues which may arise. This was especially reassuring considering the many other challenges one needs to face when searching for and buying a property. Overall, I have no hesitation in recommending Spiro and would definitely use him again when buying our next property. If anyone is out there sifting through the thousands of mortgage brokers, I suggest you add “What If We Finance” to your shortlist and book in a chat with Spiro.
Catherine Serpell
Catherine Serpell
November 17, 2023
My partner and I have had a great experience with Spiro! From start to finish, Spiro guided us through the process seamlessly, ensuring a smooth experience. We've really appreciated his reliability and patience in answering all our questions. We highly recommend Spiro to anyone seeking a trustworthy mortgage broker.
Evan Pash
Evan Pash
November 17, 2023
I recently had the pleasure of working with Spiro and his team and cannot express how satisfied I am with the exceptional service provided. From the initial consultation to the closing of my mortgage, the experience was nothing short of outstanding. Spiro demonstrated an impressive level of expertise and professionalism throughout the entire process. They were attentive to my specific financial needs and took the time to explain complex mortgage terms in a way that was easy to understand. The personalised approach made me feel confident and well-informed at every step.
Lucas Hunter
Lucas Hunter
November 14, 2023
Great service from Spiro and the team, assisting us at every turn to find our first home and organise our loan. Very knowledgeable and fast turnaround, thank you!
Burak Guven
Burak Guven
November 7, 2023
Amazing service. Entire process was seamless. Couldn’t be happier with the outcome of my loan application. Spiro is an absolute expert at what he does.
Wesley Loh
Wesley Loh
October 12, 2023
Sprio came to the rescue after an Aussie Home Loans broker put our purchase in jeopardy through his shocking negligence (convinced us of a loan product and its preapproval, only to learn that the product had a loan limit he was unaware of). Not only did Spiro find another product that fit, he successfully negotiated a lower rate for us. To get us over the line, Spiro worked night and day (we got emails at 5am, and he was available on phone and video call late into the night whenever we needed him), and even put in hard hours on AFL Grand Final weekend. The biggest compliment I can give is that Spiro always had things under control and made us feel like we were in safe hands. His expert knowledge combined with his incredible level of ownership gave us peace of mind in a stressful and time-sensitive situation. Thanks for your hard work and dedication, Spiro. We're so grateful that we found you.
Olivia Simpkin
Olivia Simpkin
October 12, 2023
I could not recommend Spiro and his team highly enough. Our experience has been wonderful from start to finish. We actually had a broker when we started the purchase of our new home, but he made a very large mistake that put us and our offer in jeopardy. We quickly moved to Spiro to see if he could help and he was able to turn everything around and fix the problem without hesitation. His knowledge and experience as a broker is exactly what you need when you are going through the stressful experience of purchasing your first home. He always answered the thousands of questions we threw his way, and he worked all hours of the day (even going so far as working on public holidays, when he was ill, and when his loved one was ill) just to ensure our deal went through. Regardless of what issues appeared (and with the banks behaving so poorly there were a few out of our control), he worked tirelessly behind the scenes to smooth everything out. He was also always very open with his communication, explaining all the broker jargon to help my understanding, and updating us consistently on how matters were going so we never felt blind. Thank you Spiro for all your help, we couldn't have done it without you.
Tony Wood
Tony Wood
October 9, 2023
Spiro & the What If We Finance team are experts in all aspects of lending from Purchase/Refinance of Owner-Occupied properties through to Investment & Self-Employed Lending.
Brittany Olver
Brittany Olver
September 21, 2023
Our experience with What If We Finance could not have been more positive. Spiro took the time to listen to our goals, offer sound and clear advice, whilst also answering our questions in an extremely professional and timely manner. Most importantly though, Spiro got the job done. Having had disappointing experiences with other brokers, we were left feeling as if maybe purchasing a property was out of our reach. Spiro however, provided us with a breath of fresh air, through his positivity and pro-active approach. Now, my fiance' and I are the happy owners of our new home and incredibly excited to build our future here. We have Spiro and the team at What If We Finance to thank for that!
Steven Frantzis
Steven Frantzis
September 9, 2023
Grateful of the service provided by Spiro and the team at What If We Finance. Clear example of expertise, highly recommend!