Map Home Loans > Blog > Tax Benefits > Reserve Bank of Australia – August 2019 Update

Reserve Bank of Australia – August 2019 Update

Aug 7, 2019 by Map Home Loans

Interest Rate Update
Since the election this year there have been two interest rate changes, a new prime minister and the banks have lowered their assessment rates.

August is the first month where things appear to have stabilised. This is true for todays RBA announcement with the RBA deciding to keep the cash rate on hold at the historical low of 1%.

Many economists will tell you that a lower cash rate is a reflection of the lack of business confidence in our economy. So whilst those of us with Home Loans would like to see our minimum monthly reduce as much as possible, it can be a double edge sword.

So to close on that, no changes this month (August) to the cash rate.

A reminder that there are some amazing fixed rates on the market below 3% with some lenders already pricing in 1-2 more rate cuts. And anyone with a variable rate mortgage with P&I repayments should have an interest rate with a 3 in front of it. If you don’t, please reach out.

unds nice, it is probably not the most financially sensible thing to do

FREE Quick-Start Guide To Financing Australian Property

Download PDF Guide

Working with Michael was an absolute delight.
I was a first home buyer and couldn’t think going anywhere else. Highly recommend to go through MAP home loans.

He was quick to respond to all my queries, managed to get the loan approved under a strict timeline and I was very impressed. Michael also followed up with me once I settled, I truly appreciate all his hard work to make this happen.

Daniella

I am very thankful to Michael for my primary property construction loan. I approached many mortgage agents for the loan amount as desired, but they could not process because of my overseas profile.
I am an Australian PR holder, based in Dubai and after reading online reviews of MAP loans, I approached to Michael where he completed my construction loan process very confidently even, I did not feel that I am living in different time zone as he was always available for my queries.
Michael also helped for my investment property loan, and again he did awesome job and completed the loan approval process in less than a month. I would like to strongly recommend him for the home loan services with no hidden cost and surprises.
All the best Michael in your future success 😊

Adnan Sharafat

My wife is on a 820 visa and Michael helped us get a home loan. He was a great with communication and answered all of my questions. Recommended if you have if you have issue surrounding temporary visas or you just want a great mortgage broker.

Peter

Free Home Loan Strategy Session

Schedule a 1-on-1 appointment with a MAP Finance Expert