December 10, 2024
Anthony Waldron, Mortgage Choice CEO
“Although not the festive season gift borrowers were hoping for, the decision to leave the cash rate unchanged does not come as a surprise.
“It follows a warning from Governor Bullock that recent falls in headline inflation may be short-lived due to Federal Government rebates that have kept the price of energy bills low and put downward pressure on inflation. Until the Reserve Bank is satisfied that inflation can stay within its target of 2-3% over a sustained period, households will have to hold out for the long-awaited cash rate cut.
“In a sign that some households have grown restless with current interest rates remaining high, Mortgage Choice home loan data reveals a 3% month-on-month increase in the proportion of refinance submissions during November. This represents the greatest percentage of refi submissions all year as borrowers seek cost of living relief.
“While a rate cut may not happen until well into next year, there's plenty you can do now to achieve your home loan goals in 2025. Whether you’re thinking about finding a better rate on your current home loan, or you’re planning to buy in the new year, your mortgage broker can help you put your best foot forward.”
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