RBA UPDATE | Effective September 25, 2024
- amitnarang6
- Sep 28, 2024
- 1 min read
The official cash rate will remain on hold at 4.35% for the seventh consecutive time after today’s board meeting. However, the Australian Broker reports that “anticipation is building for a rate cut this side of Christmas as several key economic indicators point towards a struggling economy.”
Given the ongoing cost of living concerns for Australians, new data from Finder has shown that millions of homeowners are experiencing significant financials stress, with 40% reporting they will struggle to pay their home loan this month
The Australian Broker has written: “The average Australian has $39,407 in cash savings in September, according to Finder’s Consumer Sentiment Tracker. However, the nation’s big savers are clearly pulling up the national average, with 40% of Aussies having less than $1,000 in their savings account.”
While the ASX expects to see four rate cuts in 2025, some banks are claiming that the Reserve Bank of Australia (RBA) will lower the cash rate before the new year, in November 2024.
If you have concerns with your current situation, or simply want to find out if your existing home loan still meets your needs, get in touch with a mortgage broker. Brokers are there to assist you in getting a loan that is competitive, offer choice, negotiate product features on your behalf and always act in your best interest.
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