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RBA Announcement
Homeowners are likely to feel relieved by today's decision, given the unexpected rise in inflation that had many economists anticipating a looming cash rate increase.
Michele Bullock, the RBA governor, hasn't dismissed the possibility of future cash rate hikes. She emphasises that the battle against inflation is ongoing, with risks to its outlook finely balanced.
While some economists foresee potential near-term rate hikes, with possible cuts expected at a slower pace, recent Roy Morgan data presents a sobering reality: over 1.5 million mortgage holders faced the risk of mortgage stress in March 2024.
"Although inflation pressures have eased somewhat, inflation remains above the Reserve Bank's preferred target range of 2-3 per cent, with indicators such as petrol prices remaining high," noted Roy Morgan CEO Michele Levine.
If you're struggling with mortgage repayments, it's essential to seek advice on whether your current home loan is suitable for you.
As your mortgage broker, we can assess the market and clarify your options, including the availability of more competitive home loans with features like interest-saving tools to help you stay on track.
Reach out today, and let's discuss your home loan needs.
