Hume Bank CEO, Stephen Capello, caught up with Kylie and Kev to chat through this month's RBA interest rate announcement.
At its meeting on Tuesday, 6 July 2021, the RBA decided to keep the official cash rate on hold at 0.10%.
Stephen, Kylie and Kev discussed some of the key points affecting this month's decision and what borrowers should be keeping in mind, including:
- RBA are going to slowly wind back the economic stimulus.
- Even though we have strong economic recovery its expected that the intertest rates will continue to stay low for the near term and up to 2024.
- Lack of housing supply and low interest rates is causing house prices to rise up to 13.5% in regional Australia. This is good news for investors but is impacting first-time home buyers.
- Borrowers should review their current interest rate and check if they are on the best product to suit their needs.
You can read the full statement by RBA Governor, Philip Lowe on the RBA website.
Listen to the full interview below: