What’s Happening With Interest Rates? – February Rate Report
It’s February and the festive season is over (sadly), so what better time to refocus on your finances?
To kick things off, let’s look at the first cash rate decision of 2024. On Tuesday February 6, the Reserve Bank of Australia (RBA) Board chose to keep the cash rate on hold at 4.35%.
Remember – cash rate decisions only have the potential to impact variable interest rates. If you have a fixed rate home loan, your interest rate won’t change for the duration of your fixed rate period, regardless of what the RBA decides to do with the cash rate.
After a turbulent 2023 that saw interest rates hiked on 5 separate occasions, this hold decision will give Australians with variable rate home loans some much needed breathing room.
And with inflation declining in annual terms and some industry commentors forecasting rate cuts as soon as mid-year, hope is certainly in the air.
So, what are you striving for in 2024?
Whether you’re keen to refinance your home loan, looking to invest, hoping to grow your business or just eager to better understand your financial situation and the options available to you (especially in case interest rates go up again), we can help.
Reach out to our team today for an obligation-free chat!
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.
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