Are interest rates going up or down in 2016?
What is the immediate outlook for interest rates in Australia?
The Reserve Bank of Australia has left official interest rates unchanged for July 2016 at 1.75 per cent. The Reserve Bank said house prices have been rising in recent months but pointed to an oversupply of new apartment releases in coming months. That means the RBA could be considering another rate cut because it may not feed directly into higher property prices.
Some economists are predicting a 0.25 percentage point rate cut in August 2016, after quarterly CPI and employment data is released by the Australian Bureau of Statistics.
What is the average standard variable home loan rate in Australia right now?
The average standard variable mortgage rate in Australia right now (July 2016) is 4.83 per cent p.a. according to infochoice.com.au.
The lowest standard variable mortgage rate in the market right now is 3.63 per cent. The highest SVR is 7.16 per cent.
The average three year fixed home loan rate in Australia right now is 4.34 per cent.
Organise your own HUGE rate cut
The Reserve Bank often moves official interest rates up or down by 0.25 percentage points. Borrowers can secure their own massive rate cut by moving from an average home loan to one of the low rate mortgage loans now listed on infochoice.com.au.
On a $300,000, 25 year home loan, borrowers could save more than $200 per month by moving from an average priced mortgage t the cheapest in the market. That is a rate cut of 1.2 per cent.
Take control NOW and save thousands of dollars
Start by browsing and comparing your home loan options at Infochoice. Don’t wait for rate cuts that may or not come from the RBA and your lender. The biggest rate cuts are the ones that borrowers organise for themselves by refinancing, or threatening to refinance, to a cheaper, better product.