The Reserve Bank of Australia surprised no one today by keeping the official cash rate on hold at three per cent.
It’s not all bad news for people trying to enter the housing market with increased competition amongst the banks driving lending rates down.
variable lending rates while some institutions have
Home loan growth is the slowest in three decades with the December quarter showing just 0.3 per cent growth in the number of people taking out mortgages.
Insiders say it is this lack of growth that’s prompting banks to consider further chopping rates irrespective of the RBA’s latest decision.