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Steady Interest Rates Good News for Home Buyers

By Kevin Kelly

For people interested in purchasing real estate in Bunbury, the Reserve Bank of Australia's (RBA) decision to hold rates steady through October comes as good news.

The RBA's choice to keep rates at their current, historic low of of 2.5 per cent came after observing the stability of the Australian economy in the wake of the federal election.

"With the encouragement of record low interest rates and excellent buying conditions, property markets throughout the country have been running hot this spring," said Loan Market director Mark De Martino.

According to Mr De Martino, these record low interest rates are making it possible for buyers and owners to save money. In addition, the cash rate has moved 25 points in six months, and this has encouraged buyers and investors searching for signs of stability after the uncertain conditions of the global financial crisis.

The consistency of the cash rate has permitted homeowners to capably budget around repayments, allowing them to take hold of their finances.

In order for the economy to adequately recover and the RBA to conformably raise interest rates, the retail and construction industries need to see improvements, Mr De Martino said. If they fail to progress, rates could get even lower in November, which would be great for new residents of real estate in Bunbury East.

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