November RBA Announcement !!

Australia’s borrowers have been dealt another blow with the Reserve Bank lifting its key interest rate for the first time in five months to ensure inflation keeps falling with Michele Bullock as the New governor.

The RBA board on Tuesday the 8th of this month and decided to hike its cash rate 25 basis points to 4.35%, a 12-year high. The increase, widely anticipated by economists, was the central bank’s 13th rate rise since May 2022.

Michele Bullock and the board had lately sent repeated signals they were poised to resume rate rises if inflation didn’t slow as expected. The RBA remains ready to hoist interest rates again if required, she said in an accompanying statement.

“Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago,” Bullock said. The central bank had received fresh data since its August meeting and “the weight of this information suggests that the risk of inflation remaining higher for longer has increased”.

So, what does this mean for you?

When it comes to your mortgage unfortunately all majors have passed on their rate hike this month by 25bps or 0.25%.

EG: For an average loan of $600k, it will increase your loan by around $95 per month**

Leading up to the Christmas break it’s now time to review your finances.

Whether it’s with your existing bank or elsewhere it’s a chance to save you on your repayment each month. Cash flow is king, especially leading into the Christmas period.

We’ve been able to get better pricing on existing loans, if not get a better deal elsewhere.

There are banks offering cashback incentives and are happy to consolidate your personal or car loans into the mortgage as well.

Send us a DM or hit the link below and we can send you an invite and lock in a time for a quick chat. The chat will take as little 5 minutes and could save you thousands !!

https://www.ambfs.com.au/