At its April meeting, the Reserve Bank of Australia (RBA) decided to keep the official cash rate at 1.5% - taking a ‘wait and see attitude’ before the Federal Budget release at 7pm today. Any measures to support economic growth included in the Federal Budget are likely to influence the RBAs decisions in coming months. Many lenders cut their rates on fixed rate home loan products last month outside of RBA movements, and these remain very competitive. Meanwhile, the housing price correction is continuing around the country, creating many opportunities for those in the market to buy a home.
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