As widely expected, RBA Governor Stephen Lowe has confirmed that the cash rate will remain at 0.1%. He has also stated that the parameters of the Term Funding Facility and the government bond purchasing program will be maintained at current settings.
The RBA Governor had some specific statements to make concerning the housing sector:
Lending rates for most borrowers are at record lows and housing prices across Australia have increased recently. Housing credit growth to owner-occupiers has picked up, but investor and business credit growth remain weak. Lending standards remain sound and it is important that they remain so in an environment of rising housing prices and low interest rates.
Additionally, Lowe cited the “ongoing rollout of vaccines” as a promising factor for the global economy. He has emphasised that the “recovery remains dependent on the health situation and on significant fiscal and monetary support”.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.