The latest decision by the Reserve Bank of Australia (RBA) to keep the cash rate steady at 1.75 per cent is great news for savers looking to buy real estate in Bunbury for the first time.
This steady rate comes after the RBA decided to cut it by 25 basis points last month, and the record-low could well translate to significant savings in bank accounts across Australia. With banks being able to benefit from a lower borrowing repayment cost, comparison rates on mortgages could drop further, making a property purchase even more realistic.
finder.com.au reports that the biggest change in comparison rates after last month's cash rate cut was from 3.6 per cent to 3.4 per cent, and savings accounts increased by 25 basis points as a direct response to the RBA's decision. If there wasn't a change in your savings account, it could be that you aren't seeing the best returns – could a change of banks be on the cards? If it ends up earning you a stack of cash, then maybe that's the best move you can make, and it'll be a great step toward getting into some real estate in the modern Bunbury East as well.
Housing Industry Association (HIA) chief economist Dr Harley Dale suggests while the record-low cash rate is a step in the right direction, more and more people will need to see results to keep the economy level.
"Appropriate fiscal policy, together with economic reform that has housing as a core focus, is necessary to lock in decent growth in productivity and living standards for current and future generations of Australians," said Dr Dale.
The Australian government is leading people down the right avenues to buy property, and it's up to each Aussie saver to make sure they're getting the best deal to get them into a property of their own.
To see what properties are for sale in the beautiful Bunbury region, contact Ray White Bunbury today!