The Reserve Bank of Australia (RBA) announced today, 19 March, that they will keep the cash rate on hold at the current rate of 4.35%.

After 13 rate increases over an 18 month period from May 2022 to November 2023, the RBA have held the cash rate on hold for their last 3 meetings.

With the new schedule of only meeting 8 times per year instead of 11, the next RBA meeting to review the cash rate will be on 7 May, giving a 2 month reprieve from any cash rate changes.

With further indications that the cash rate may start to decrease in the later part of 2024, there is some light at the end of the tunnel for Australian homeowners who have been enduring significant home loan repayment increases post covid.

The spotlight now shines on Australia’s lenders to see how they respond with any interest rate movement for their home loan customers.

If you are struggling with your home loan repayments, get in touch to have a 5 minute conversation about the different ways we may be able to assist to reduce your monthly debt repayments.

If you would like to discuss your home loan or get a free loan comparison, Contact an Assured Lending Mortgage Broker today

Read the full Reserve Bank statement here

Interest Rate reductions November

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