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.