The Reserve Bank of Australia (RBA) has announced its cash rate decision for July, which has resulted in leaving it steady at 2.75 per cent for another month.
This may be of interest to those on the hunt for houses for sale in the Gold Coast, and current owners of Gold Coast real estate, as this decision may have an effect on housing finance.
Leaving the cash rate at 2.75 per cent for another month will allow many more buyers to secure a home loan at low fixed rates, enabling them to save how much they pay towards a mortgage.
According to the RBA, the decision was made in order to give time for the Australian economy to strengthen and stabilise. RBA governor Glenn Stevens stated that domestic growth has been slightly below trend recently, so this decision to leave the rate the same will allow for growth.
This decision may also allow for consumer confidence to rise, as more people become comfortable with their finances.
"The pace of borrowing has remained relatively subdued, though recently there are signs of increased demand for finance by households," said Mr Stevens in a July 2 press release.
For help with finding houses for sale in Broadbeach or the Gold Coast, contact one of the agents at Ray White Broadbeach today.