At today’s final meeting for the year, the Reserve Bank of Australia decided to once again keep interest rates on hold. It remains at a record low 1.5%pa, with no sign of moving in the near future.
In fact, the bank does not meet in January, so it will be another two months before we have an idea what 2019 might hold for official interest rates.
It’s been quite a year for mortgage holders and people looking to get into the market. The Royal Commission into the Banking Sector was the most significant event, with lenders now tightening their lending criteria. This may send shock-waves in some circles, but for most Australians it simply means ensuring their finances are in order.
This is best practice for everyone. So, once the silly season passes its peak and your mind turns to New Years resolutions, it’s wise to ensure your finances are on the list.
Interest Rates are Low but get your Finances in Order
Is 2019 the year you:
- Consolidate your debt? You can renegotiate your home loan to include other debts. Make a system.
- Find a better mortgage? There are no doubt better interest rates out there.
- Find an investment property? Next year will be the ideal time to purchase property.
- Buy your first home? With prices steadying, it could be within your reach.
- Buy and sell? Whether you’re up-scaling or down-scaling, the 2019 property market is set to offer many opportunities.
Why not make the first step and book an appointment with your mortgage broker before the holiday season? That way, you’ll be ready to take on the new year right from the beginning.