RBA UPDATE – APRIL 2023

RBA UPDATE | Effective April 5, 2023

The Reserve Bank of Australia (RBA) has chosen to hold the official cash rate at 3.60% in order for them to assess the impact of recent increases in interest rates thus far.

Interestingly, property prices across Australia have experienced a surprise jump over the past month, seeing a 0.51% increase for Australia’s largest five capital cities, according to CoreLogic.

It remains imperative to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker or trusted finance professional can help make the process easier.

The Reserve Bank of Australia (RBA) has chosen to hold the official cash rate at 3.60%, marking the first time, since April 2023 where it has not increased. In his statement, Dr. Phillip Lowe (RBA Governor) explained that “the Board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates…”

Property prices across Australia have experienced a surprise jump over the past month. Australia’s largest five capital cities increased 0.51% according to CoreLogic, led by Sydney which saw a 0.89% rise. Melbourne increased 0.3%, Perth 0.4%, Brisbane 0.13%, while Adelaide was the only market to record a decline with a -0.13% fall.

It is important to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker or trusted finance professional can help make the process easier and help you find the products to best suit your needs.

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