Current cash rate set by the RBA: 3.6%
What is the cash rate?
The cash rate is an official interest rate target set by the Reserve Bank of Australia (RBA). It is the interest rate banks pay to borrow funds from other banks in the overnight money market. This rate can be changed by the RBA at board meetings throughout the year in its bid to keep the nation’s inflation within its target range of two to three percent.
How does the cash rate affect me?
The cash rate is closely linked to interest rates on consumer products such as loans and savings accounts. Generally, as the cash rate increases, so does the interest rate on things like home loans, personal loans, car loans, savings accounts and term deposits. As it decreases, the interest on these products also generally decreases.
Let’s chat today to find the right solution for you.
Let’s chat today to find the right solution for you. Whether it's your first home, a growing business, or a new vehicle, Gwen and the Ferns Finance team are here in Beenleigh, Logan, Scenic Rim, and on the Gold Coast to offer expert, obligation-free advice tailored to your goals.
Industry articles & insights from Ferns
Can refinancing help me consolidate my high-interest debts in the Logan area?
Refinancing your home loan is a popular and effective way to consolidate high-interest debts. By rolling multiple debts like credit cards or personal loans into your mortgage, you can reduce your total monthly repayments and potentially lower the overall interest paid.At Ferns Finance Brokers, we understand the specific financial needs of the Logan community and can help you navigate this process with confidence.
Refinancing for a Renovation: The Queensland Homeowner's Guide
Many homeowners in Queensland are looking for ways to improve their properties, whether it's to create more space for a growing family or add value before selling. One of the most common ways to pay for a renovation is by refinancing your home loan. But what are the benefits, and is it the right choice for you?
How to buy your first home
Struggling to save for a home deposit in a market where prices seem to rise faster than your savings? This article provides a comprehensive guide to buying your first home, revealing how strategies like leveraging a guarantor loan, utilising government schemes, or even paying Lenders Mortgage Insurance (LMI) can help you get on the property ladder sooner than you might think.