Buyers of property in Brunswick can enjoy yet another month of low interest rates, after the Reserve Bank of Australia (RBA) found it prudent to leave the official cash rate at 2.5 per cent.
This is the eighth consecutive month the rate has stayed the same, helping to make the market for real estate in Brunswick that much more pleasing for buyers and current owners alike.
RBA Governor Glenn Stevens said in an April 1 statement that the board based its decision on continued below-trend growth in the global economy. Another contributor to the decision was the rising unemployment rate in Australia, which rose to 6 per cent in January, according to the Australian Bureau of Statistics.
Despite this activity, the low cash rate presents great conditions for buyers looking to secure their first home or upgrade an existing one.
Loan Market Director Mark De Martino said Australians should take this opportunity to enter the market while mortgage interest rates are attractive and before they begin to rise.
"With the Aussie dollar surging back to 92 cents this week, we may start to see increasing speculation that the RBA will have to lift rates to protect the economy," said Mr De Martino in an April 1 statement.
However Mr Martino also said that lenders are currently providing buyers with many incentives in order to attract new customers, giving buyers all the more reason to secure finance now.