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RBA Update - October Cash Rate

RBA UPDATE | Effective October 4, 2023

The Reserve Bank of Australia (RBA) has made its first cash rate decision with Michele Bullock as its new governor. The October board meeting has yielded another hold, maintaining the 4.10% cash rate for the fourth consecutive month.

While many in the mortgage and finance industry expected the cash rate pause, some predict a rise will come before the end of 2024. Yet, the fact that the RBA has implemented a handful of consecutive holds is little consolation for those struggling with higher borrowing costs.

Taking a proactive approach can help mortgagees mitigate the impact of rising interest rates and reclaim control of their financial situation. Some strategies to consider include - budget review, negotiate with their current lender, refinance to a lower interest rate, make extra repayments, extend the loan term, seek out alternate product features, consider a fixed loan.

Get in touch with your mortgage broker or finance professional to ensure your current loans still suits your needs.

Meanwhile, home values are still growing, according to recent data released from CoreLogic’s national Home Value Index (HVI), which showed a 0.8% rise in September - marking its eighth consecutive month of growth.

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