Today you may have already read elsewhere that the RBA has left official interest rates on hold for a year now, the longest stable stint in rates since 17 months straight in Jul 2002 to Dec 2003.
People are now asking is there now room for an official rate cut? Well....watch this space, because based on the rickety nature of our northern hemisphere friends there may be room and more for a loosening of policy in coming months if commentary around the country is anything to go by.
Some are saying that the strong Aussie dollar in recent months has in fact been compared to a rate cut but I doubt it has had the same effect as a fully fledged announcement from Glenn Stevens himself. Last month the RBA decided there was not enough flow-through data to confirm the effects of the global financial instability, this month they are saying that near term growth is not going to be as robust as expected and the non-mining sectors are lagging a fair way behind their in-ground, wealthy neighbours.
Whatever the reason, any movement sideways or down is always welcome. Combine this with a realisation slowly creeping in locally that perhaps the property cycle is somewhere near the bottom and it seems to be a gauge that now may be a good time to begin looking around for that next cheap property, whether it be for investment or as a step up to something better for the family. is the time right. Have your view here.
As far as fixed rates go we have had a bit of enquiry about fixed rates and what to do. Remember that fixed rates take a lot of thinking about and how they will meet your current ones and future ones, so give us a call and avoid being starry-eyed about rates until you find out how they will affect how you can live with them. They are on the slide and it may still not be time to make the move yet. every situation is personal so give me a call or drop me an email here.
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