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Reserve Bank of Australia cash rate update - June 2017

On the first Tuesday of every month (except in January), the Reserve Bank of Australia (RBA) sets the cash rate. They decide whether to raise it, lower it or leave it the same, depending on a number of factors, including the performance of the Australian dollar, the state of the housing market and inflation.

The last time the cash rate rose was in November 2010. Since then, the general trend has been for the rate to remain the same, decreasing only every so often. The last decrease was in August 2016.

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JUNE'S CASH RATE STAYS UNCHANGED AT: 1.50 PER CENT

What does this mean if I own a property?

When the cash rate stays the same, you shouldn’t see much change in your repayments. However, banks may choose to raise their own interest rates despite the unchanged cash rate. In early 2017, the big four Australian banks began raising their interest rates for investors and owner-occupiers with interest-only loans, independently of the cash rate.

Keep an eye on your lender’s rate as even the slightest interest rate rise could make it difficult for you to meet your loan repayment obligations. If you do find yourself struggling with increased repayments, speak to a Home Loan Specialist about switching your loan to a lower rate option.

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What if I am looking to buy a property?

The unchanged cash rate means you’re unlikely to see a decrease in the high volumes of buyers and investors entering the property market.

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Extra costs to look out for this month...

Staying warm this winter: As the temperature goes down, it’s a good idea to keep an eye on your power bill. Be aware of any increases in your gas, electricity and other utility bills that may come with using heaters, heat lamps in bathrooms, more hot water in the shower, clothes dryers and electric blankets.

Additional bank fees: This year’s federal budget announced extra taxes for the country’s biggest banks. Despite the government's repeated warnings, the banks are insisting these fees must be passed down to their customers.

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Tags: rba cash rate, reserve bank, interest rate, winter, june

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Important legal stuff

COMPARISON RATE WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.
Lendi is the trading name of Lendi Pty Ltd, a related body corporate of your licensed credit assistance provider, Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence Number 442372). We will never sell your email address to any third party or send you nasty spam, promise.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of major and non-bank lenders including Click Loans which is a wholly owned subsidiary of Auscred Pty Ltd and a related body corporate of Auscred Services, your credit assistance provider. Although Lendi compares over 1600 products from over 30 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
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