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Hi ,
At its meeting today, the Reserve Bank of Australia
(RBA) decided to keep the official cash rate at 0.25%. This follows two consecutive cash rate cuts to 0.50% and 0.25% in March.
With the global coronavirus (COVID-19) crisis coming off the back of the Australian bushfires, RBA decided to keep the cash rate to record lows to support the economy as it responds to these various crises. According to RBA governor Philip Lowe at the previous meeting, “At some point, the virus will be contained and the Australian economy will recover. In the interim, a priority for the Reserve Bank is to support jobs, incomes and businesses, so that when the health crisis recedes, the country is well placed to recover strongly.”
Along with the decline in the cash rate and changes to the fiscal and monetary policy, the housing market is also experiencing a sharp slowdown in activity, with the downside risk for housing values increasing. Moreover, CoreLogic forecasts that the slowdown in growth is likely to continue into negative in the coming months.
With this outlook, we may experience low interest rates for a while. You may want to compare available home loans to make sure you’re still getting a competitive offer that suits you. Get in touch with us so we can help you shop around for the right home loan and arrange a loan pre-approval!
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| Reserve Bank of Australia Cash Rate Announcement |
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| RBA |  | 0.25% |
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All dwellings
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Auctions / clearance rate
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Private sale
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Monthly Home Values
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VIC
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97 / 58%
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833
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▲ 0.42 | |
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NSW
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208 / 57%
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975
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▲ 1.06 | |
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ACT
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20 / 45%
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71
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▲ 0.61 | |
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QLD
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50 / 40%
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957
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▲ 0.58 | |
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WA
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6 / 17%
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414
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▲ 0.48 | |
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NT
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1 / 100%
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11
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▲ 1.98 | |
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TAS
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0 / 0%
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119
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▼ ‑ 0.21 | |
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SA
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11 / 55%
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257
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▲ 0.30 | |
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Ressfin Pty Ltd Credit Representative 446374 is authorised under Australian Credit Licence Number: 389328 | ABN: 96368681746
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Monthly Home Values figures as at March 31, 2020. Australian auction results,
clearance rates and recent sales for the week ending April 5, 2020. The clearance rate is preliminary and current as at 10:10 am, April 6. We recommend that you seek independent financial and taxation advice before acting on any information in this email. It contains general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Interest rates are subject to change without notice. Lenders terms, conditions, fees and charges apply.
Sources: CoreLogic RP Data Daily Home Value Index: Monthly Values, www.realestate.com.au, www.corelogic.com.au/news |
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