The Reserve Bank of Australia (RBA) today decided to increase the official cash rate, by 0.25% to 2.60%.
In considering the size of the increase, the RBA board appears to be continuing to focus on reducing inflation against the backdrop of falling house prices in many areas of Australia, a weakening Australian dollar and concerns of a global recession.
Lenders can set interest rates independently of RBA movements, and their responses to this official cash rate hike may vary.
I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business.
If you'd like to have a chat about what today's news means for you and your finances, please don't hesitate to get in touch.
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