Another steady month for the cash rate

By James Brown

Having access to some of the most competitive home loans on the market is likely to positively influence your decision to buy property in Deception Bay – and the latest cash rate announcement will work in your favour.

The Reserve Bank of Australia (RBA) revealed on 2 December that the official cash rate would end 2014 at the same level it started.

You should therefore find that lenders are offering great mortgage products, as the rate is still at its all-time low of 2.5 per cent.

The RBA's governor Glenn Stevens cited a number of reasons for the decision, emphasising that conditions aren't quite right in the domestic economy to warrant a change.

There's also the fact that inflation is currently within its target range of between two and three per cent.

So if you've still yet to get your foot onto the property ladder, now could be the time to do it as there's no guarantee these rates will be around forever.

The cash rate was first lowered to this level in August 2013 and if it stays at 2.5 per cent until March next year, this will be the longest period of stability ever seen in Australia.

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