Earlier this week the Reserve Bank announced that they were keeping interest rates at a record low 1.5%. This is fantastic news for people looking to build a home in the near future.
So what does this mean for home buyers?
Provided the banks choose to maintain current rates on their home loans, it means prospective home buyers can secure better deals on their mortgages. Which means more money in your back pocket – not the banks!
A great time to build that investment property!
Many of us think about building a investment property. Lower interest rates may mean that the extra loan is now more affordable.
If you’ve been thinking about building your first home, or maybe you need a bigger home, now is a great time to go ahead. Locking in a great low fixed rate today means you will be safe from any future interest rate increases for sometime.