You may have missed the interest rates announcement this month due to the news of our new government, but those who were paying attention were very happy with what they heard.
Interest rates remain on hold this month at the cash rate of 4.5 percent, making it the fourth time in a row that interest rates have remained steady.
But while homeowners and potential homebuyers were happy with the latest interest rate announcement, many of us are still wondering when another interest rate rise could be on the cards.
Many are predicting that there will be another interest rate rise before the end of the year, possibly around October. But as no one knows for sure what the housing market, economy and the rest of the country will look like at that time, it is still anyone’s guess.
What is expected though is an interest rate rise by the banks themselves at some point in the near future. Many of the big banks have been complaining about increased funding costs so chances are they may start to up their rates soon.
Either way at least we can all breathe easy this month and use this time to hopefully get ahead on loan repayments before interest rates go up again.