RBA keeps cash rate at 4.10%
- Mackenzie-George Buyers Advocates
- Mar 31
- 2 min read
The Reserve Bank of Australia (RBA) left the cash rate unchanged at 4.10% at its second monetary policy meeting of the year.
The news was widely expected after the RBA cut rates in February. Following that decision, RBA governor Michele Bullock said the central bank was “waiting for more evidence that we’re getting inflation sustainably back in the band before we are willing to move again”.
The latest figures from the Australian Bureau of Statistics showed inflation has continued to ease in Australia.
The monthly consumer price index (CPI) figures illustrated that headline inflation slowed to 2.4 per cent over the 12 months to February – well within the RBA’s target band and down from 2.5 per cent in January.
The latest inflation data has left many economists feeling optimistic about a second round of interest rate relief later in the year, potentially in May.
I'm a first home buyer, Should I buy a property now?
The Government plans to expand the Help to Buy program to support Australians to buy homes with lower deposits and smaller mortgages- this is great news for First Home buyers.
Under the Help to Buy program, the Government will provide an equity contribution of up to 40% to support eligible home buyers (around 40,000 Australians) to purchase a home with a lower deposit and a smaller mortgage. This could be the difference for many Australians to convert from being renters to owners!
Circa $800 million will be allocated to lift property price and income caps (raised from $90,000 to $100,000 for individuals, and from $120,000 to $160,000 for couples and single parents) to make the scheme easily accessible.
In my opinion, now is a great time to buy a property, especially with the recent pause in interest rate rises and the potential for a rate reduction when the RBA next meets. Acting now means getting ahead of increased demand, as lower rates often bring more buyers into the market, driving property prices up. Additionally, autumn and winter present an ideal window to purchase before the traditionally busier spring season, allowing you to buy with less competition and pressure.
If you’re a first homebuyer looking to purchase in Ocean Shores, Mullumbimby, Byron Bay, or the surrounding areas, I’d love to help you navigate the market and secure the right home before demand rises. Get in touch to explore the best opportunities available right now.
Sources: CoreLogic RP Data Daily Home Value Index: Monthly Values, www.realestate.com.au, Minutes of the Monetary Policy Meeting of the Reserve Bank Board, Statement by the Reserve Bank Board: Monetary Policy Decision
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