13 months of record low cash rate
It seems that if there's one thing in this world you can count on, it's that the board of the Reserve Bank of Australia (RBA) will meet every month, deliberate and announce to the world that they are keeping the cash rate steady.
That's certainly the impression one gets from the RBA's actions over the past year. For 13 whole months, the official cash rate has been 2.5 per cent, meaning that the RBA met 12 times over the past year and each time elected not to do anything.
What does that mean for people looking at apartments for sale in Broadbeach, though? Essentially, it means that home loans are set to continue to be a whole lot more affordable, with lenders' interest rates keeping low.
According to Loan Market Director Mark De Martino, lenders had already started lowering interest rates on their products in response to the announcement as they sought to compete for customers.
"A couple years ago, I doubt anyone would have thought you could have got a fixed rate below 5 per cent for five years," he said in a 5 August release.
Perhaps now might be the time to start scanning around for affordable Gold Coast property.