Interest Rates Got You Feeling Topsy-Turvy? – August Rate Report
The August cash rate news is in! On August 6, 2024, the Reserve Bank of Australia (RBA) Board decided to keep the cash rate on hold – again – at 4.35%.
What does this hold decision mean for me?
If you have a variable rate home loan, it’s likely that your interest rate will stay exactly where it is for now. If you want to double check, simply reach out to your mortgage broker.
However, it will only be a matter of time before the RBA turns the home loan market on its head by moving the cash rate (up or down). If your fixed rate period is nearing its end, reach out to our team to learn about your options.
How can I prepare for a cash rate cut or hike?
If you’re feeling a bit unsteady about interest rates, you’re not alone. After a tough 2023 that saw interest rates hiked on 5 separate occasions, many homeowners are holding out for some interest rate relief.
Now while we don’t know exactly if or when rates will be cut, we can assure you that our team are on hand to help you as much as possible during these challenging times.
For instance, we may be able to help bring your monthly mortgage repayments down through repricing or refinancing your loan. Reach out today to find out what’s possible!
If you’re new here and not sure how to get in touch, simply call 1300 886 100, or visit moneyquest.com.au and fill out the enquiry form.
Disclaimer:
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