As anticipated the Reserve Bank board maintained the official cash rate at 0.10% today.
Despite the economic handbrake from the latest round of COVID-19 lockdowns, some economists are speculating that the RBA has underestimated the strength of the economic recovery, leading to predications that rates will start to increase towards the end of 2022.
RBA governor Phillip Lowe is scheduled to hold a Q&A session following today’s meeting which is expected to shed more light on the central bank’s thoughts on the direction of monetary policy.
Rates are at a record low and lenders continue to offer very competitive rates.
An AFG broker can answer your questions and look at your circumstances to make sure you’re prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because an AFG broker does this type of work every day, they have a pretty good idea what lenders can do to win or keep your business.
We’re here to help if you have any questions. Please don’t hesitate to get in touch with an AFG broker.