The Reserve Bank of Australia (RBA) board has opted to hold rates at 4.35% on its last meeting of 2023, giving mortgage holders some reprieve during the Christmas period. Annualised inflation growth for October was 4.9% and trending downwards which appears to be the reason for this decision. The RBA board next meets on the 6th of February 2024 with future decisions to be made taking into account inflation data available at that time.
This year has presented some unique challenges to households and borrowers in Australia with an unprecedented string of rate rises. At BD Pro Mortgages we are acutely aware of this situation and continue to seek competitive rates for our new and existing clients.
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