Friday, November 4, 2011

RBA lower the official cash rate

The RBA this week reduced the official cash rate by .25%. Weeks leading up to the RBA meeting suggested this may be the case and on 1/11 (Melbourne Cup day) it was announced.

We see this only as a possitive, it will entice buyers back into the market while also allowing first home buyers to also enter the market for the first time.

Most banks have now adjusted their rate accordingly so now may be a good time to check your existing mortgage and make sure you are getting the best possible deal.