I know I am paraphrasing our Prime Minister a little. But, with interest rates at record lows and economic growth holding up, it’s never been easier to manage loans.
The Reserve Bank’s cash rate is now at 1. 5 per cent. This is below the rates that Australians have faced in any of the lows of the past 50 years.
But, unlike with previous lows, making loan repayments is much easier as our economy is growing at a healthy 3.3 per cent. And unemployment is at a 37-month low.
And, in a recent speech, the Reserve Bank indicated that it thought the economy was going to get stronger. It said that we are now three-quarters of the way through the mining slowdown and that, as a consequence, at some point the resources sector pick up.
In addition, the non-resources parts of the economy continue to grow.
Has there ever been a better time to have a property loan?
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