Mortgage interest rates are one thing that home owners keep an eye on at all times. After all, who wouldn't want to refinance their loan and save a few bucks on their mortgage repayments or invest in property?
Fortunately, the opportunity to secure property in St George with low interest rates is still ripe. Earlier this month, the Reserve Bank of Australia (RBA) once again left the cash rate unchanged at 2.5 per cent, making it the 11th consecutive month that it's remained the same.
This low cash rate has helped many first time buyers enter the property market, while giving current home owners the freedom to refinance to renovate or invest.
Commenting on the RBA's decision, Loan Market director Mark De Martino said the low cash rate has also helped to boost consumer confidence.
"The low interest rates of the past year have been great for consumers either looking to get into the property market or pay lower interest rates on their existing mortgages. One of the biggest pluses has been that these low rates have kept inflation low, which is encouraging the the long-term outlook for low interest rates," he said in a 1 July statement.
Whether you're thinking about finally making the transition from renter to home owner, or you're looking to create wealth, current lending conditions are a positive sign.