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The board of the Reserve Bank of Australia today decided to keep the Official Cash Rate at 2% unchanged for a seventh straight month - Which given the impact of APRA's recommendations and the subsequent slowing volumes of sales there is no surprise there.
The RBA has signalled that the cash rate will remain on hold for the foreseeable future. The RBA has also signalled that if there is to be any change in 2016 it will be a further reduction. The next meeting of the Reserve Bank Board is not until February 2 2016.
Call 1300 67 27 to find out what difference APRA's (Australian Prudential Regulation Authority), recommendations to lenders have made to individuals looking for a mortgage facility