While the RBA left the official cash rate untouched again in November, leaving variable rates at close to record lows, in recent weeks we have started to see many lenders increasing their fixed rates.
Industry experts and economists are divided on whether the RBA will move rates again in the coming months, and if so, whether this will be a rise or a further decrease. However, it is increasingly likely that at some point in the foreseeable future rates will be above their current record lows.
Now is a good time to consider the impact of interest rate rises on household finances and what action, if any, can be taken to manage that impact.
For some that might be considering a fixed rate, or possibly a split fixed-variable option. For others it might simply be a case of maximising opportunities to pay off as much as possible now, or look at the household budget to identify where savings can be made if needed.
As always, I’d be more than happy to give you some proactive advice on the best strategy for your current situation.
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