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The Reserve Bank of Australia has kept interest rates on hold at 1.50 per cent at its June 2017 board meeting. 

REINSW President John Cunningham said a sensible approach has been applied by the RBA. “With interest rates at record lows, it is likely that the next movement will be up,” Mr Cunningham said. 

“The main question now being asked is when will this occur and in an environment where banks are raising interest rates independently it is important for all those looking at entering the market place to be sure of their financial situation. 

“This is especially true for first homebuyers who may find themselves in a position to purchase property following changes to stamp duty from the 1 July 2017 announced by the NSW Government last week. 

“Future interest rate rises should be factored into the ability to service a loan,” Mr Cunningham said. 

The RBA cut interest rates by 25 basis points in August and May 2016. The RBA will next meet on Tuesday, 4 July 2017.