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But where are interest rates likely to head next – up or down? There’s been a lot of debate recently about which way interest rates will head, as there is evidence that could support them going either way.
On the one hand Australia has seen a lot of positive signs from its record low interest rates – there has been a surge in housing prices and the construction industry, and business confidence is improving.
But while the property market has been showing improvements, the manufacturing sector has been slowing down and the Australian dollar is higher than the RBA would like.
Looking ahead, it looks like interest rates will stay where they are for a little while longer. After last Tuesday’s meeting, RBA governor Glenn Stevens stated, “the most prudent course is likely to be a period of stability in interest rates”.
If the cash rate remains at 2.5 per cent, this is great news for homeowners and for those looking to get into the property markets as it is a great time to try and get ahead on home loan repayments or to start talking to lenders about the best home loan packages available.