The RBA Have Made their Decision. February Rate Report

As the Reserve Bank makes its first cash rate decision for the year, there’s one question on homeowners’ lips; could interest rates finally be on their way down?
It’s been nearly three years since the cash rate was first hiked from 0.10% [1]. Since then it’s risen to 4.35%, where it’s remained for over a year. However, with inflation down, there’s never been more chance that the RBA would finally cut the cash rate than now, alleviating pressure on homeowners and ushering in another generation of first-home buyers.

Was the Cash Rate Cut?

If you’re a homeowner or looking to buy, we have fantastic news! After nearly 3 difficult years of rising interest rates, The RBA decision for February cut the cash rate by .25 percentage points to 4.10%!

Recent trimmed inflation is the key identifier to thank for breaking a drought of cash rate cuts. 

What Does This Cash Rate Decision Mean for Homeowners?

If your lender follows suit with an interest rate cut, now’s the time to talk to a mortgage broker. For homeowners on a variable rate, the RBA decision for February may see you start paying less in interest. If your loan has an offset feature, you may be able to put the additional funds into an offset account and repay your home loan faster. Not all lenders and products include this feature, so be sure to contact us for your next steps.

What Does This Cash Rate Decision Mean for Homebuyers?

Lower interest rates mean mortgages may become more affordable. The market may be about to heat up. Fast. Get in touch with us now, as in today.

If borrowing power has held you back, this cash rate cut might be what you need to enter the market. Whether it’s repricing, refinancing, or finding you a home, the MoneyQuest team is here, reach out today and find out what’s possible.

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