What a fantastic start to 2024 for mortgage holders with the RBA meeting on Tuesday 6th February and holding the official cash rate, remaining unchanged at 4.35%. This is great news and potentially indicates that the pressure is off, at least for now.
We have seen an increase in debt consolidation with people looking to save on their overall repayments now, with a long-term sacrifice being made in higher interest costs overall. I never recommend “kicking the can down the road” so to speak but everyone’s circumstances are unique and what works for one person may not be the best option for another.
Is your mortgage set up to take advantage of all possible features such as an offset account? What is your interest rate, is it competitive? Are you making at least fortnightly repayments to stay ahead?
Please get in touch if you would like a complimentary review of your situation.
We are now in “more normal” conditions following the economic recovery following the pandemic, according to the RBA’s Michele Bullock (you can read or listen to the full transcript here: https://www.rba.gov.au/speeches/2024/mc-gov-2024-02-06-transcript.html). Could we see two cuts this year and two next?
CPI Inflation Forecast above from: https://www.rba.gov.au/publications/smp/2024/feb/
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