to recent industry publications, The Reserve Bank is forecast to keep the cash
rate on hold at 2.5% pending the federal election and to further assess recent
rate cuts we witnessed in August.
Australia Bank senior economist David de Garis advised the possibility of
another rate cut before the end of 2013 – regardless if the Aussie dollar fell beyond
the Aussie dollar going down, the RBA still forecast inflation to be within
their target bands therefore there's not going to be a barrier to another cut,'
Mr de Garis said.
businesses and consumers are showing signs of being quite cautious with their
finances, using a lower rate to repay debt faster, so that's weighing on
discretionary spending,' Mr de Garis said.
Hutchinson spokeswoman of finder.com.au shared positive news that ``In fact,
the number of Australians searching for home loans on Google has gone up 80 per
cent this August compared to August 2012 and is forecasting 74 per cent more
activity this mortgage season compared to spring 2012.''
In terms of property medians, there are also improvements as capital city
dwelling prices have increased 3.5 per cent in the last couple of months.
`Adding to this good news is the increase in consumer confidence in August, the
highest levels since March.
if you do have a Variable home loan, or in a position to refinance fixed loan
products, refinancing could save more than $2000 per year based on the average
rate of 6% standard variable loans into one of the best variable rates on the
market with some banks now offering below the 5% threshold.