MoneyQuest’s June 2023 Cash Rate Update – Another hike, but with one shining light
The Reserve Bank of Australia Board’s June decision is in, and the cash rate has been increased yet again. This time it’s been raised by 25 basis points, making the official cash rate 4.10%. This announcement marks 12 cash rate rises in just over 12 months.
With interest rates now approaching 6%, it’s important to speak with your mortgage broker about your home loan options. Your broker can compare your current loan with others on the market, assess if changing home loans is possible for you, and if so, whether it’s in your best interests.
Rising interest rates continue to put pressure on homeowners, but there is one shining light. Property prices are now increasing, and as dwelling values rise, so too does equity. The more equity a borrower has, the lower their loan-to-value ratio (LVR) becomes. A lower LVR represents less risk to lenders, which can make it easier for some borrowers to refinance and explore their options.
However, if we’ve learnt anything from recent history, it’s that nothing lasts forever, which is why we recommend reaching out to your local MoneyQuest mortgage broker. They can assess your home loan options, empower you with knowledge and help you to achieve your finance goals.
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