If you’re a home buyer, then the start of every month constitutes an important ritual. No doubt, first thing in the morning, you’re on the internet refreshing the Reserve Bank of Australia’s (RBA) website, eagerly awaiting to see what the cash rate will be this month. Or perhaps you make yourself a piece of toast and happen to hear something about it later.
But if you are a property buyer who’s looking at apartments for sale in Broadbeach, maybe it’s time you really do make this part of your morning ritual. The RBA’s monthly decision has a large impact on property buyers. The cash rate underpins the interest rates that lenders will set, including for home loans – the lower the cash rate, the lower the interest rates.
It just so happens that the RBA decided for the 11th month in a row this July to keep the cash rate at the historic low of 2.5 per cent, which means continued low interest rates, and stronger prospects for buyers.
“The low interest rates of the past year have been great for consumers either looking to get into the property market or pay lower interest rates on their existing mortgages,” said Loan Market director Mark De Martino in a 1 July release.
So maybe it’s time to buy that apartment you’ve been thinking about.