Take advantage of the unchanged official cash rate today

By the resi financial blog team, 04 December 2013

Australia cash rate unchanged in December

Interest rates play a relatively large part behind someone's decision to take out a home loan. After all, keeping an eye on the economic health of your nation can give you great tips about the perfect time to secure a home loan for yourself.

One of the key indicators to watch for is the official cash rate, which often directly affects the interest rates from financial lenders. The latest decision from the Reserve Bank of Australia (RBA) was to retain the cash rate at the historically low level of 2.5 per cent.

After being dropped in August, there has been growth in the housing and construction industry, which has been strengthening on the back of increased consumer confidence.

With the cash rate remaining at such a low level for the remainder of the year, now could be the perfect time to secure yourself a competitive home loan and pursue your own real estate goals.

Regardless of whether you're after an investment loan to help boost your property portfolio ahead of projected population growth, or simply hoping to settle down into your dream family home - now could be a great time to begin discussing your options with a financial expert.

Dr Harley Dale, chief economist for the Housing Industry Association (HIA), highlighted the growing residential building sector, which provides confidence for anyone looking into building off the plan property.

"The residential construction industry can be a key driver of the rebalancing of growth given the large reach that new home building and renovations activity has into wider areas of the economy, most notably retail and manufacturing," said Dr Dale in a December 3 statement.

With a growing national confidence in both the economy and the real estate market, taking advantage of the low cash rate could help you to get your foot in the property door and secure an Australian home.

Categories: Home Loans, Personal Finance