RBA Home Mortgage rates to stay on hold

In a shock move the board of the Reserve Bank of Australia has put off any interest rate increases for the time being. The reason seems to be that the Greedy Banks such as Westpac, who had shamelessly hiked home mortgage rates above the last cash rate increase, had done the damage that a rate increase would have done this week, so no rate increase was called for it seems. [All four major banks had their snouts in the trough at the expense of their customers, but Westpac earned their greedy bank award based on raising rates the highest on the “Bananagate” scandal.

The “experts” were betting on a half a percent increase in the cash rate a few weeks ago.

In the week leading up to the board decision, the consensus was a quarter of a percent increase. In fact every economist in the land tipped an increase.
So we have to give top marks to the RBA board members for their decision for the good of homeowners, and home buyers and the industries that rely on their continued ability to repay their home loans and buy new homes.

About: Rick Adlam: Rick Adlam has been helping clients with home loan finance since 1985 when he was home consultant with AV Jennings. Rick started Equity Home Loans in 1996 to help homeowners become property investors. Rick currently consults in the development of Mr Mortgage for mortgage brokers and HomeMate for new home buyers. Website: http://www.mrmortgage.com.au