MoneyQuest’s February 2023 Cash Rate Update – RBA Board Hikes Again

In their first cash rate decision for 2023, the Reserve Bank of Australia Board has chosen to increase the cash rate by 25 basis points, making the official cash rate 3.35%. This is not the news Australian homeowners were hoping for, especially given that many are still playing catch up after the festive season and spate of consecutive cash rate hikes handed down in 2022.

So, if you’re feeling a bit concerned about your financial position, don’t forget that you can turn to your mortgage broker for assistance. They can assess your specific situation and investigate ways of lightening your financial load.

Refinancing is one option you might like to consider. Changing home loans may sound like a lot of work, however your mortgage broker can guide you through the process step by step, manage the paperwork for you, and potentially find you a more competitive deal that could maximise your savings.

Debt consolidation is another approach. This is when you roll all of your existing loans and credit card debts into one loan, whether it be a personal loan or your existing home loan. This can lead to you paying fewer fees and less interest.

So, if you’re starting to feel the pinch and not sure what to do, why not turn to your MoneyQuest mortgage broker? Our team of experienced finance specialists are on hand to help, right around the country.



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