MoneyQuest’s April Cash Rate Update – Activity Aplenty

April is here and what a big month it promises to be. There are major events being held left, right and centre, including the Australian Grand prix, Tour de Brisbane, the Melbourne International Comedy Festival, the Sydney Royal Easter Show and Tasting Australia. It’s all happening, and there is a lot happening in mortgages too.

The Reserve Bank of Australia Board has just announced that the cash rate is going to stay on hold at 0.1% for another month. Whilst the cash rate remains unchanged for now, fixed rates continue to rise and house prices are soaring nationally. So, if you are a homeowner or a first home buyer, there is a lot to think about.

The colder months are creeping ever closer and some homeowners may be thinking about entering hibernation mode. However, whilst it may be tempting to leave your finances and mortgage alone for a few months, becoming complacent can be risky. Consider contacting your MoneyQuest mortgage broker and revisiting your current mortgage, even if you have refinanced recently, just to make sure that it is still meeting your needs.

For the first home buyers out there, we feel your pain. It is incredibly hard to crack the market at the moment, so gaining pre-approval prior to looking at properties, might be the way to go. Knowing exactly what your maximum price is will help you to bid with confidence and likely reduce the risk of overstretching yourself.

The property market is hot, fixed rates are rising and everyone is murmuring about when the cash rate will increase. All of this activity suggests that now might be the ideal time to have a conversation with your MoneyQuest mortgage broker.

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