After a challenging year, the RBA has met for the final time in 2020 and decided to leave the cash rate unchanged.
After reducing the rate three times during the year, including to a record low of .10% last month, the RBA opted to wait until its next meeting in February to further assess the impact of these reductions and its quantitative easing program.
In the lead up to the next meeting our central bank will continue to monitor the global COVID-19, the opening of state borders, our exchange rate and its impact on export competitiveness and the looming reduction to government support packages.
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, and has a pretty good idea what lenders can do to win or keep your business.
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.