It’s good news for mortgage holders with the Australian Reserve Bank officially opting to keep interest rates on hold for another month.
Although there has been talk of rate rises in recent weeks, the RBA has adopted a wait-and-see approach for another month and left official rates at 4.5 per cent.
Each 0.25 per cent interest rate rise adds another $50 to the monthly cost of an average mortgage. Australian mortgage holders are already paying about $300 more per month in repayments than they were a year ago.
The next announcement will be made on November, 2nd.