Interest rates held Down Under

Australian mortgage holders will welcome the decision by the Reserve Bank to leave interest rates unchanged in a meeting held earlier this week.

Experts agree the decision not to increase rates was the best option in the current climate. The Australian property market has cooled down in recent months and homeowners are already facing increased charges for fuel and other day to day living costs are beginning to challenge household expenditure, so not to have to worry about higher mortgage payments will bring peace of mind to countless families.

The official interest rate remains at 4.75 per cent if an increase of a quarter per cent had been implemented the amount added to the average Australian mortgage would be around $60. The current rate for variable mortgages is in the region of 7.83 per cent.

Finance experts suggest while the rates remain low mortgage holders in a position to pay more than the agreed monthly amount should do so in order to repay the debt sooner.