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Continued low rates for Australian home buyers

By Louise Morrin

Owners of property in St George will have another month to enjoy low interest rates, as the Reserve Bank of Australia (RBA) left the cash rate untouched at 2.5 per cent for August. 

The RBA has not made any changes to the cash rate for 12 months, giving home owners and buyers across the country an opportunity to secure finance. 

Commenting on the RBA's announcement, Loan Market director Mark De Martino said banks and lenders are still reducing their interest rates for home loans. This is despite the RBA not making any changes to the cash rate for a year. 

Mr De Martino noted that fixed rate products experienced the biggest drops in interest rates – a move made to compete with other lenders. 

"A couple years ago, I doubt anyone would have thought you could have got a fixed rate below five per cent for five years," said Mr De Martino in a 5 August statement. 

With RP Data showing that median values for property in Sydney grew 14.8 per cent year-on-year to July, opportunity for investment in real estate in St George is ripe. 

For existing homeowners looking to upgrade, this rise in value will surely come as pleasing news when reselling their properties. 

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