The Reserve Bank of Australia (RBA) met for its October meeting today and decided to keep the official cash rate on hold at 1.5 per cent.Today’s decision to leave the cash rate on hold was widely expected by forecasters following negative comments by new RBA Governor, Dr Lowe regarding the effectiveness of further cash rate cuts on the economy. Dr Lowe, who took over from Glenn Stevens in September has been calling on the government to implement other measures besides rate cuts to stimulate growth after the RBA’s last rate cut in August failed to have the desired effect on the high level of the Australian dollar.

Forecasters are now anticipating the cash rate will remain on hold for some time but the news is still good for home owners and property buyers. We’re seeing some of the lowest home loan rates in history, with very competitive lenders offering great features and benefits to attract your business.

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