Is it time to review your current home loan rate and get a better one?

With the ever-changing landscape of the Australian housing market, it's essential to keep your finances in check and ensure you're getting the best deal possible on your mortgage. Don't let outdated rates cost you more than necessary. Take a proactive step today and review your home loan rate to potentially save money and secure a better financial future.

It’s been seven weeks since the last cash rate call, with opinions varying on whether the next move would be a hold or a rise. Now, the Reserve Bank of Australia has delivered its first decision of FY25.

The central bank has announced it will hold the cash rate, keeping it steady at 4.35 per cent for the sixth consecutive monetary policy meeting.

With ABS data showing that the Consumer Price Index (CPI) had risen 4.0 per cent in the 12 months to May, up from a 3.6 per cent rise in April and 3.5 per cent in March, speculation had risen that the RBA would feel forced to enact another hike.

Even so, many, such as the Real Estate Institute of Australia, noted that the monthly CPI indicator was not as comprehensive as the ABS's quarterly inflation data, and urged calm among mortgage holders and prospective buyers worried about their ability to service increasing loans.

A cautious view proved prudent late last week when ABS data for the June quarter 2024 revealed a quarterly rise of 1 per cent and an annual rise of 3.8 per cent, allaying inflationary fears for the short term.