If you're on the hunt for property in Brunswick, you may be delighted with recent news. As decided on 6 October by the Reserve Bank of Australia (RBA), the cash rate will remain at the historic low of two per cent. This is the fifth month in a row where it has gone unchanged and will stay in effect until November arrives.
Ex-treasurer Joe Hockey shed some insight into the cash rate decision when it was first cut to two per cent in May. The low cash rate aims to support families and small businesses as well as stimulate economic growth. Low interest rates mean that saving will drop and spending will rise. Business owners will benefit as consumption of their products and services see an increase.
Simultaneously, low interest rates also mean that it's more affordable to take out investment loans. This should encourage more investment and growth among local businesses and will help to boost expansion in the economy.
Families and house hunters after real estate in Brunswick have also benefited, as low interest rates mean that it's never been easier or more accessible to take out a home loan.
The aim of aiding these groups has been highlighted as a high priority, with Hockey saying, "I again urge the banks to immediately pass on this rate cut – across their customer base – including to credit card holders, mortgage holders and small businesses".
If you want to take advantage of the low interest rates, be sure to get connected with Ray White Brunswick. We'll be right there with you every step of the way to make sure you find property in Brunswick that you can call a home.