Home loan borrowers can depend on low interest rates for two years
Home loan interest rates will stay at record lows for the next two years at least, according to economists. In fact, the market is unlikely to see any rate movement until 2017. This is good news for home loan borrowers who need not rush to lock in their rate.
- Find out which home loan lenders have passed on the RBA rate cut here.
According to news.com.au this would come as a relief for mortgage customers who can try to speed up their payments towards their mortgage debt. AMP chief economist Shane Oliver says that borrowers can afford to wait for six months because rates aren’t going to go up in a hurry.
The Reserve Bank of Australia slashed the official cash rate from 2.25% to a record low 2% earlier this month. Check out if your lender has passed on the full rate cut here.