“Interest rates appear to have passed their low point.” Bill Evans from Westpac
Bill Evans is the Westpac Chief Economist and he believes we are at the bottom of the interest rate cycle. And yesterday the RBA kept interest rates on-hold again.
What does this mean for you?
Last week most lenders increased their fixed rates for home loans and investment loans. The fixed rates for business loans and commercial loans went up a few weeks ago.
This means fixed interest rates have now started to rise.
When will variable interest rates start to rise?
The experts say the RBA is unlikely to cut interest rates further. So variable interest rates on home loans and investment loans are now at their lowest point.
In the past few days some major banks announced increases to variable interest rates for investment loans and interest only loans. This means all the banks and other lenders could start to increase variable
interest rates in the short term, independent of the RBA.
What can you do?
You should always make sure you have the lowest interest rates to stay on top of your finances. Click here to find out how: Have you got the lowest interest rate?