By now you’re probably aware the Reserve Bank yesterday decided to cut the official cash rate to a record 25 year low of 2.25%. But what does this mean for you?
Firstly, this is promising news for consumer confidence and the market overall.
Households and mortage holders stand to benefit from further respite from the cost of living.
If you’re in the market to buy, you could benefit from the prospect of even lower interest rates and competitive lending conditions. Two of Australia’s biggest banks, CBA and Westpac, have already cut rates for home loan customers.
If you’re in the market to sell, then you could be in the box seat to benefit from the predicted hot Autumn selling period. There will likely be more buyers in the market and a flurry of activity.
So if you’re thinking of up-sizing, down-sizing or acquiring that investment property, then now is the time.