The RBA today announced it would leave the official cash interest rate at 6.75% which REISA President, Robin Turner, said was a relief following last month’s increase.
“Homeowners will now have two more months to get used to the November interest rate rise as the Reserve Bank will only meet again in February,” Mr Turner said.
“With Christmas only three weeks away, REISA applauds the Bank for leaving the official cash interest rate on hold to allow people to balance their budgets during this holiday period.”
Mr Turner said that the next two months would be crucial for households to adjust their budgets particularly as there is already speculation that further rises could be on the cards for 2008.
“REISA urges the Reserve Bank not to increase rates again in the new year, as vulnerable buyers are already feeling the stress from rising property prices and taxes.”