As widely expected, the RBA board confirmed today that the official cash rate would again remain at 0.10%.
With inflation now within its target band of 2-3%, markets have been speculating the RBA will increase rates as early as June this year.
The Central Bank will be closely monitoring for any signs of additional inflationary pressure. Particular focus will be on price rises due to commodity supply chain issues resulting from Russia’s invasion of Ukraine and the flood disaster in Queensland and Northern NSW.
With record-low rates on hold for the moment, competitive terms are still available to borrowers who act now.
I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business.
It never hurts to ask the question, so get in touch to review your options.