The Reserve Bank of Australia (RBA) has raised its cash rate by 25 basis points to 4.35%, marking its 13th rate rise since May 2022.
This move, the first in five months, is aimed at addressing inflation concerns. Governor Michele Bullock stated that inflation in Australia remains too high and persistent, prompting the rate hike. The RBA remains prepared to raise rates further if necessary.
Treasurer Jim Chalmers expressed concern, noting that the rate increase will impact those already facing challenges. The quarter-point hike is expected to increase monthly repayments for a standard $600,000 mortgage by approximately $100, contributing to a total increase of $1450 since the rate-increase cycle began.
For more information: https://www.theguardian.com/australia-news/2023/nov/07/rba-interest-rates-rise-hike-november-official-cash-rate-announcement-reserve-bank-australia
We are based on the beautiful Queensland coast, between theSunshine Coast & Brisbane and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
Pelican Waters beckons with its idyllic canal front living, providing direct access to the serene waters of Pumicestone Passage. This coastal haven offers a laid-back resort lifestyle, all while being just minutes away from the amenities of Caloundra.
Thinking about buying a house in Caboolture? With its affordable homes, multiple shopping options, rail access to Brisbane, parklands a quick trip to the beaches of Bribie and the Sunshine Coast, Caboolture is on the rise with home buyers.
Discover the power of equity in building wealth and achieving financial goals. Learn how lenders calculate equity and how you can leverage it to purchase investment properties, undertake renovations, invest in shares, or assist family members in buying homes.
We're here to help. Fill out the form below and we'll be in touch.