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Cash rate stays at 2 per cent

By Louise Morrin

Once you've built up a big enough deposit on your real estate in Carlton, the next stage is deciding when the right time to enter the market is. With property often the biggest purchase most people will make in their lifetime, it's hardly surprising that this can be a difficult conclusion to reach.

There are several factors to consider, and not least what your personal financial situation is. Chances are you will need to secure finance on your new home, so knowing that borrowing rates are working in your favour can play a crucial role.

There was some positive news earlier this week, as the Reserve Bank of Australia (RBA) decided to keep the official cash rate at two per cent for another month. This makes it the second in a row that it has been at an all-time low.

While rates will vary from lender to lender, there are likely to be some good deals around at the moment. There is no guarantee that rates will stay this low for much longer, so it could pay to see what's on offer sooner rather than later.

If predictions from the Housing Industry Association (HIA) prove to be true, you could have a while longer to take that all-important final leap.

"The decision was unanimously expected and the Bank has signalled that the Official Cash Rate will remain at its historical low of two per cent over coming months," said HIA chief economist Harley Dale.

The RBA did suggest that economic conditions have some way to go before they're back on an even keel, and this could well affect its July announcement. However, predictions are only guidelines, so it's up to you to decide whether now is the right time to buy.

If you are ready to enter the market, be sure to speak to the experts at Ray White Carlton for help with your purchase.

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