MoneyQuest’s August 2023 Cash Rate Update

Just as the Australian Men’s Cricket Team managed to hold onto the Ashes (despite drawing the series), the Reserve Bank of Australia Board has decided to hold the cash rate. This marks the second hold decision in a row, making the August 2023 cash rate 4.1%.

What does this mean for homeowners and prospective homebuyers? Well, it means that lenders are likely to follow suit and leave their variable interest rates on hold and unchanged.

However, if you would like to learn more about your options and the potential impacts of this decision, our team of finance experts are ready and waiting to take your call. Please reach out to your local MoneyQuest mortgage broker if you would like more information or are feeling concerned about your home loan.

In other finance news, Michele Bullock is set to become the first female to lead Australia’s central bank on September 18, when she replaces current RBA governor, Philip Lowe. Will this change in leadership change the RBA’s approach to monetary policy decisions moving forward? Only time will tell.

Don’t forget to stay connected with our team on social media and reach out if you’d like to discuss your home loan or finance needs.

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