Home loans customers to benefit from interest rate hold

Tuesday 07 December 2010

Article by Mozo

Australian consumers looking to compare home loans and other financial products could be among those to benefit from a recent announcement from the Reserve Bank.

Will home loan customers benefit as Reserve Bank holds interest rate

The Herald Sun has reported that the organisation is to put interest rates on hold for a further two months.

As was widely expected by industry commentators, the bank has announced that the official rate will be held at 4.75 per cent for at least another two months.

Experts said the move was expected after last month's rise prompted the big banks to lift mortgage rates "well beyond" the 25 basis-point rise.

The bank's governor Glenn Stevens told the news provider: "Following the board's decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average.

"The board views this setting of monetary policy as appropriate for the economic outlook."

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