RBA holds the cash rate at 4.1% in April

At the April board meeting the Reserve Bank of Australia (RBA) held the official cash rate at 4.1% after the February rate cut, maintaining that the outlook remains “uncertain”.

As widely expected, the Reserve Bank of Australia (RBA) has kept the cash rate unchanged at 4.1%, following February’s long-awaited 25-basis-point cut.

Economists at each of the Big Four banks universally agreed that an April hold was bolted on, reflecting a conservative approach from the RBA amid lingering inflation fears.

Announcing the latest hold, the RBA said the outlook “remains uncertain”.

“Private domestic demand appears to be recovering, real household incomes have picked up and there has been an easing in some measures of financial stress.

“However, businesses in some sectors continue to report that weakness in demand makes it difficult to pass on cost increases to final prices.”

The RBA added that “sustainably returning inflation to target is the priority”.

What you can do to improve your cash flow and reduce your home loan costs

There are still great home loan offers in the market, that can lower your repayments, or help you pay off your home loan sooner. Switching a home loan is very simple, and can usually be done on the phone, or via web chat.

All it takes to get started is a quick phone call to see whether it’s worth your while to put time into a refinance. Given property values are still rising, if your equity position has improved this may help you qualify for a lower interest rate.

If you’re keen to switch and save, or just have a free home loan review, get in touch with one of our local specialists today. Understanding your options can start with a simple phone, web, or in person discussion.

This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.