As was widely expected, the Reserve Bank of Australia (RBA) today increased the official cash rate by 0.50% to 2.35%.
This brings the total of increases made since May to 2.25% as the RBA continues to battle a very stubborn inflation foe.
In making this latest increase, whilst the RBA have had a close eye on the spiraling cost of living and falling house prices, they have made their intentions to prioritize controlling inflation very clear.
Lenders can set interest rates independently of RBA movements, and their responses to this official cash rate hike may vary.
I deal with multiple lenders every day, so I know just how flexible they can be to win or keep your business. It never hurts to ask the question, so get in touch to review your options.
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As always, feel free to reach out to me or one of the team at Smartmove Professional Mortgage Advisors for any mortgage or finance advice questions/ needs.
Written by Asher Levitt
With a passion for the property, real estate and financial services sectors, my career saw me working as a Business Analyst for multiple firms before joining Smartmove as a Mortgage & Finance Advisor in 2020. With a range of experience in both Accounting and Property Finance, I look forward to bringing this varied experience to help clients achieve their property and finance goals.
