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June 2021 RBA interest rate announcement

Hume Bank
02/06/2021

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, 1 June 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:

  • Lack of housing supply and low interest rates which is causing house prices to rise up to 15% in regional Australia. This is good news for investors, but is impacting first-time home buyers.
  • Strong economic recovery which is triggering some adjustments in long-term (4- and 5-year) fixed interest rates.
  • Borrowers should review their current interest rate and refinance if necessary. Borrowers should also start thinking about building up a buffer if they are able to, before rates start to rise in two to two and a half years.

You can read the full statement by RBA Governor, Philip Lowe on the RBA website.