After being reduced in August 2013, the Reserve Bank of Australia (RBA) announced yesterday (7 October) that the official cash rate would remain steady at the low level of 2.5 per cent. This could be brilliant news for potential buyers of Belconnen real estate who are sitting on the fence, undecided about whether to take the plunge or not.
Being able to secure a low interest rate for your new mortgage will help make your repayment period less stressful by locking in a low rate, allowing you to focus on saving up and making regular payments rather than stressing about how much interest is being charged.
The RBA's governor Glenn Stevens said that interest rates have even begun edging lower over the last few months, encouraging investors to begin looking for higher returns in response to the reduced risk. Furthermore, this landscape is expected to remain strong over the coming years and could continue to support growth in the future.
If you're interested in buying a piece of Belconnen real estate over the coming months, the present financial landscape could be extremely accommodative. Get in touch with a local real estate agent to discuss the housing options available to you today.