Interest Rates On Hold

The Reserve Bank has confirmed their decision to keep official interest rates on hold at 1.5% for a record 25th straight month.

Their announcement comes after major lenders Westpac & St George (0.14%) and Suncorp (0.17%) opted to increase their variable interest rates this month despite the official cash rate not changing for more than two years.

However RBA board doesn't appear to be overly concerned with the out-of-cycle rates rises emerging in the banks.

"Money-market interest rates are higher than they were at the start of the year, although they have declined somewhat since the end of June," said Reserve Bank Governor Dr Philip Lowe.

"Some lenders have increased mortgage rates by small amounts, although the average mortgage rate paid is lower than a year ago."

Is your mortgage rate lower than a year ago? With record low rates, it's important to check your home loan and make sure you're getting the best deal.

Know anyone we can help? For every successful referral to Local Mortgage Specialists, you'll get a $100 Coles Myer gift card* Click here for more info.

*Conditions apply