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The RBA have left rates on hold for a second month. In summary:
...the European threat has moderated; the local economy is running close to trend; their inflation forecasts are within the 2-3% target band; and borrowers’ interest rates are close to medium term averages
However
...the door is still open for an easing, if the economy weakens materially (or there is a meltdown in Europe).
We are often ask by clients is now a good time to fix their mortgage rate? With rates with the majors are around 6%, which is less than the discounted variable rates, it might not be a bad time. But remember, fixing a rate is a two way bet with a bank and how often do you think they lose? What fixing a rate will do is give you certainty around payments for a period of time. This is the thing that should drive the decision of whether to fix, or stay variable, not trying to beat the bank.
If you would like specific advice whether to fix your mortgage rate, based on your individual requirements. please contact us.
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