The Reserve Bank of Australia has kept the official cash rate on hold at two per cent. The central bank made its last cut in May when it slashed 25 basis points off the cash rate and left borrowers with the lowest home loans deal on record.
But they failed to budge today and there doesn’t look to be any signs rates will be moving upwards anytime soon. CommSec chief executive Craig James has tipped the cash rate will stay on hold for the rest of the year.
The central bank made its last cut in May when it shaved 25 basis points off the cash rate leaving borrowers to revel in the historically low home loan deals. Figures by financial comparison website Canstar show on the average $300,000 30-year home loan the average standard variable rate is 4.54 per cent and the monthly repayment is $1527.
