๐ฅ๐๐ ๐๐ฒ๐ฎ๐๐ฒ๐ ๐ข๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฎ๐น ๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐ ๐ฅ๐ฎ๐๐ฒ๐ ๐จ๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ
In good news for home loan borrowers, the Reserve Bank of Australia (RBA) decided to leave the cash rate at 4.10% at its July monetary policy meeting.
However, it's too early to say interest rates have peaked, judging from the statement the RBA made when announcing the decision.
The reason the RBA has been raising rates has been to slow the economy, and thereby drive down inflation (which was 5.6% in May) to its target range of 2-3%. Although the RBA believes inflation "has passed its peak", it also believes it's "still too high and will remain so for some time yet".
Therefore, the RBA said "further tightening of monetary policy [i.e. rate rises] may be required to ensure that inflation returns to target in a reasonable timeframe".
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
