More control of your super…Self Managed Superannuation Funds
27/08/2024
Market Update – August 2024
29/08/2024
Where they are and where they are going
Are we at the end of the interest rate hiking cycle, or are there further increases to come? That is the question we are all wondering and speculating about. It impacts all of us, whether as borrowers or as investors. Lenders continue to adjust their borrowing rates (and cash and term deposit rates) to remain competitive in the current market.
Commonwealth Bank (CBA) and Westpac (WBC) recently cut a range of fixed-rate loans, and CBA has begun lowering variable rates for most new home loan customers. It is reasonable to expect that this is just the beginning.
Meanwhile, we know that cash and deposit rates generally move in the same direction as borrowing rates, and all the Big Four Banks have started cutting their term deposit rates across a range of different terms.
Why are we bringing this to your attention? How does it impact you?
If you are exposed to lending, whether a home mortgage or borrowing to invest, it is prudent to regularly review your rates and how competitive they are. Instead of wondering how long you may have to wait to know the next movement in the Reserve Bank of Australia (RBA) cash rates and subsequent impact on bank lending rates, contact your preferred lender or broker now and request a review.
If you need assistance sourcing a broker or want a second opinion, please do not hesitate to contact us.
The information contained in this article is current as at 28/08/2024. Any advice or information contained in this report is limited to General Advice for Wholesale clients only.
The information, opinions, estimates and forecasts contained are current at the time of this document and are subject to change without prior notification. This information is not considered a recommendation to purchase, sell or hold any financial product. The information in this document does not take account of your objectives, financial situation or needs. Before acting on this information recipients should consider whether it is appropriate to their situation. We recommend obtaining personal financial, legal and taxation advice before making any financial investment decision. To the extent permitted by law, Affinity Private Advisors does not accept responsibility for errors or misstatements of any nature, irrespective of how these may arise, nor will it be liable for any loss or damage suffered as a result of any reliance on the information included in this document. Past performance is not a reliable indicator of future performance.
This report is based on information obtained from sources believed to be reliable, we do not make any representation or warranty that it is accurate, complete or up to date. Any opinions contained herein are reasonably held at the time of completion and are subject to change without notice.
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