Interest rates have been kept steady for another month following the Reserve Bank of Australia’s September Board meeting today (2 September 2014).
REINSW President Malcolm Gunning said the RBA made the correct decision to keep interest rates at 2.5 per cent.
“We are heading into the Spring auction season which has been boosted by the RBA’s decision to keep rates on hold. September, with its warmer weather and good lead in time to exchange before Christmas is traditionally the most popular time of the year to secure a property.
“We must once again caution those seeking to take out a mortgage to ensure that they are realistic with their abilities to service debt. Interest rates will not remain at these record lows and future interest rate increases must be factored in,” Mr Gunning said.
The official cash rate has fallen 225 basis points since November 2011, with the RBA cutting interest rates twice in 2013 in May and August.
The RBA will next meet on Tuesday, 7 October 2014.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or [email protected]