October RBA Decision: Global uncertainty halts rates

With offshore global pressures bearing down on the Australian economy, the RBA has for the tenth consecutive meeting kept the cash rate steady at 4.75%.

Govenor, Glenn Stevens stated that “with labour market conditions now a little softer and households more concerned about the possibility of unemployment rising, the likelihood of a significant acceleration in labour costs outside the resources and related sectors is lessening.”

European and US recession concerns and the slowing Chinese growth have been contributing factors to the RBA’s decision to maintain the cash rate. However, many economists are predicting a rate cut in the near future on the back of the falling Aussie dollar, a decrease in the housing market and increases in the employment rate.

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Read last month's Reserve Bank interest rates update.

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    Variable Home Loan

    Owner Occupier, Principal & Interest

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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