After 16 consecutive months of record low Interest Rates why do some Banks continue to charge their loyal customers higher Interest Rates ???
ANSWER: Because these customers didn’t say “NO” !!!
Just say “NO” and save your hard earned dollars.
If your Bank doesn’t listen … Contact DPF Mortgage Specialists
Reserve Bank … We’re not changing rates anytime soon
Great News for Borrowers
The RBA Governor (Glenn Stevens) reported to the House Economics Committee in Brisbane yesterday (20/8/2014) that the RBA “hadn’t thought about raising rates recently”
Mr Stevens also stated that “The board has been mindful of allowing time for measures already taken to have their effects, and of the very considerable limitations for monetary policy in fine-tuning economic outcomes over short periods. It has also seen some value, in the present circumstances, in maintaining a sense of steadiness and stability”.
The Reserve Bank has delighted borrowers by announcing that the record low interest rates will remain for the time being with the Official Cash Rate to remain at 2.50% in July 2014.
Senior Economists are not surprised by the RBA announcement as the majority continue to predict that interest rates are unlikely to change until late 2014 or early 2015.
Westpac Bank’s Chief Economist (Bill Evans) has confirmed that the Bank’s forecasting has changed and no longer anticipates any further cuts in Interest Rates by the Reserve Bank during 2014.
Mr Evans also stated that the Bank predicts Interest Rates will not rise from the current record low levels until early in 2015.
Great News for Borrowers and Home Buyers !!!
Several Banks have joined Westpac + ANZ by increasing their Fixed Interest Rates.
Economists predict more Banks will soon follow despite predictions that Variable Interest Rates are not likely to rise until mid-2014.
If you wish to lock-in your Home Loan Repayments please feel free to call or click on “CONTACT US”.
The Reserve Bank Board has announced that the Official Cash Rate will be retained at the current level (2.50%) for the time being as the RBA Board believes the economy is performing within the forecasted levels and further improvements are anticipated within Non-Mining sectors of the domestic economy over the next reporting period.
Senior Economists within Australia are suggesting borrowers who wish to lock in part / all of their Home Loan onto a Fixed Interest Rate may wish to consider their options as the Lenders are currently reviewing their Fixed Interest Rates with several of the Banks having already moved to increase their 3 Year + 5 Year Fixed Interest Rates.
The Reserve Bank Board has announced the official cash rate will remain at the current level (2.50%) whilst they continue to observe the impact of the new Federal Government on the Australian economy.
The Reserve Bank has retained Interest Rates at their current level for September.
The RBA Board will review their decision again in October once the impact of the upcoming Federal Election has flowed onto the economy.
ANZ is the 1st of the “Big Banks” to increase their Fixed Interest Rates on Home Loans.
Customers of ANZ will now pay an additional 0.20% p.a. if they wish to lock in their Home Loan Interest Rate for a 3 year term.
The “Other Banks” have yet to follow the lead of the ANZ and continue to offer 3 Year Fixed Rates between 4.85% p.a. – 4.99% p.a.
Q … Will the other Banks follow the lead of the ANZ Bank ???
A … Not as yet 🙂
Following the decline of the Aussie Dollar and improvements in the Manufacturing Sector the Reserve Bank Board has elected to “Wait & See” by retaining the Official Cash Rate at the current level of 2.75%.
Further reductions in the Variable Interest Rates are predicted however economists are not confident to predict further falls in Fixed Interest Rates which are already experiencing record low levels.