As widely expected, the Reserve Bank of Australia (RBA) today increased the official cash rate by 0.50% to 2.35%.
This brings the total of increases made since May to 2.25% as the RBA continues to battle a very stubborn inflation foe. In making this latest increase our central bank will have had a close eye on the spiraling cost of living and falling house prices, however has made its intentions to prioritise controlling inflation very clear.
Lenders can set interest rates independently of RBA movements, and their responses to this official cash rate hike may vary. I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business. It never hurts to ask the question, so get in touch to review your options.