Interest rates cut
The Reserve Bank’s decision to slash interest rates to a 47 year low of just 2% prompted a media overflow of “borrow and invest now” messages.
Joe Hockey has addressed the RBA cut by encouraging us all to spend big. Boosting the economy through retail spending and getting into the property market- whether for the first time or for investment- are the ideal outcomes from the rate cut.
The average savings on a $300,000 mortgage following the cut is $47 per month. It really is a great time to look into negotiating your fixed or variable contracts, investing in property or starting a business.
Securing a low fixed rate and maintaining your current mortgage repayments to ‘get ahead’ can also provide peace of mind in an economy that lacks security and confidence.
The RBA announcement has the potential to unlock a world of investment and saving options. Speaking with a financial advisor at Elodus Financial Services will provide you with investment advice and solutions best suited to your goals and needs.