Retained cash rate highlights opportunities for Surfers Paradise buyers
Purchasing property means taking a lot of different things into account, especially if it's your first time looking into the market. Affordability is a huge thing to consider and anything you can do to make this easier to cope with will help you get the perfect home.
The Reserve Bank of Australia (RBA) has kept the official cash rate at 2.5 per cent. As a buyer of Surfers Paradise property, this is great news for you.
The rate was dropped back in August 2013 and has helped make property more affordable for buyers across Australia. As interest rates drop alongside the cash rate, competitive home loans are easier to get, making your property efforts easier and helping save you money in the long run.
In fact, Housing Industry Association Economist Geordan Murray said these rates were expected to stay the same for months. This gives you some time to consider your options and make an informed home decision.
"While noting the domestic economic growth has been below-trend, the RBA statement suggests the board's confidence has been buoyed by positive developments in the household sector, most notably the strong leading indicators for residential construction," said Mr Murray in a May 6 statement.