The Reserve Bank Board voted this afternoon to retain the Official Cash Rate on hold for the 12th consecutive month with some Senior Economist predicting another 12 months before the RBA will raise rates.
Understandable many investors are scratching their heads asking why their interest rates have risen over the last few months … The answer is due the new capital requirements & policy restrictions which have been imposed by ASIC & APRA resulting in a higher “Cost of Funds” for investment loans & interest only loans.
The “Good News” for home owners / buyers is many banks have recently reduced their interest rates on “Owner Occupied” Home Loans to rates under 3.99% p.a.
Some banks have also been a tad sneaky by advertising low rates for new customers but not passing on the lower rates to existing clients unless they demand a better deal.
If your bank is charging you higher interest rates please call DPF Mortgage Specialists (07 5527 4744) ASAP or “CONTACT US” to find out how you can stop paying more than you should be.