RBA’s cash rate for August remains unchanged at 0.25%

Reserve bank of australia sign

As expected, the Reserve Bank of Australia kept the cash rate at 0.25% at its meeting today as the country continues to deal with the COVID-19 pandemic.

The RBA, conscious of reductions in consumer spending, further falls in house prices and the flow on economic impact of stage four restrictions in Victoria, has consistently stated that it sees a cash rate of 0.25% as the floor.

With rates at a record low and lenders continuing to offer very competitive rates, why not review your situation to ensure you have the right product for you right now?

If you’d like to chat about the best way to manage your mortgage as the COVID-19 crisis continues to unfold, please don’t hesitate to get in touch with an AFG broker.