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Formula Finance

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23.01.2022 RESERVE BANK RATE DECISION Another unexpected decision this week from the Reserve Bank of Australia (RBA). Rates have been put on hold again. What does this mean for home owners of Australia?... There may not be a substantial change to rates for most home owners as a result of this month's decision, but there are still some great rates available for those seeking to refinance or purchase a new property. The competition is fierce right now - lenders giving cash backs and low rates for your business. So though the RBA didn't drop the cash rate, don't despair - there are lots of great competitive rates on offer. Got a question about your current situation? Give us a call or email us [email protected]

20.01.2022 RESERVE BANK RATE DECISION You can be excused if you hadn't heard the latest Reserve Bank Decision (RBA) on the cash rate yesterday. As expected, the current rates were kept on hold at 0.25%. After reducing rates over the last couple of months, and bringing them to record lows, the bank has held them steady this month.... Many economists are expecting the low rates to stay for the next couple of years. In one aspect, this is good for home owners as lenders are currently offering amazing refinance rates for existing home owners and new purchases. Got a question about home loans? Contact us today [email protected]

18.01.2022 RESERVE BANK DECISION With so many things happening in the world recently, one could be excused for not realising that today the RBA would be meeting to announce the monthly cash rate. However, as expected, there was no change to the already historically low rates.... Before the RBA’s announcement, AMP chief economist Shane Oliver noted that the central bank is unlikely to change the official cash rate. Dr Oliver said: Having provided massive monetary stimulus back in March, the RBA is still in ‘watch and wait’ mode, with the focus on fiscal policy. This will mean that there will be no further rate cut as a result of changes to the RBA, however it does not stop Australian lenders announcing their own changes. In fact, many lenders have dropped their rates to historical lows as well. Which can be confronting to many Australians who don't realise they may be paying a higher rate than they should. If you are unsure about your rate, touch base with us at [email protected] for an obligation free review.

13.01.2022 COVID 19 Update. If the effects of Covid 19 have affected you financially and need some assistance with your home loan repayments feel free to give us a call to discuss or you can contact your lender directly - they will be able to help by providing specific options. Of course are open and here to help if you have questions.... Stay Safe. Stay Well. Have questions about your home loan? [email protected]

05.01.2022 RESERVE BANK CASH RATE There has been much speculation if 2020 would bring a rate cut to the cash rate. After the recent bushfires, coronavirus outbreak, increased home sales in Australia (particularly on the east coast) and slightly better employment figures, the Reserve Bank (RBA) has chosen to hold off on making any changes to the current cash rate. Staying at an historic 0.75% for another month, many Australians will see no changes to their existing loans in the short te...rm. Some economists are expecting a rate cut as early as March, whilst others are saying with certain that another cut will happen by mid year. What do you think? Will we see a rate in the next month or so? Share your thoughts with us. Don't forget, if you have a question about your current situation, send it through to [email protected].

04.01.2022 COVID-19 Update We have all seen constant messaging from Government, Health and other associations in relation to personal safety and hygiene. We hope you are observing these recommendations, as together we can help minimise the spread of the virus and associated disease. Of course at this time, many of us may be experiencing a range of emotions and have a number of unanswered questions. If you are feeling like this, we recommend you reach out to a friend, family or others i...f you are feeling overwhelmed. If you are experiencing any financial difficulties due to the current circumstances, remember there should be options available to assist. Specifically in relation to home loans, your lender should be able to assist by providing a number of options for you. For example, you may be eligible for a pause on your home loan repayments. If you are unsure what options are available, please let us know and we might be able to provide some general guidance. Of course, for specific advice for your situation, it would be best to contact your lender directly. Most lenders have dedicated webpages specific to COVID-19 with information about options or they may have a dedicated communication channel such as phone or email options. At this time we are still open and working with our clients in relation to finances. If you have questions, please drop us a line or give us a call. We wish a speedy recovery to anybody that has aquired COVID-19 and best wishes for those looking to stay safe. Have a question about finances? [email protected] Photo courtesy of Burst (pexels.com/@burst)

03.01.2022 RESERVE BANK INTEREST RATE DECISION The Reserve Bank of Australia (RBA) has announced another rate cut today. This has meant that the cash rate has dropped to a low rate of 0.5%. With the bank margins, it means that many Australians may end up with interest rates around 2.5% to 3%. A far cry of 7% not just a few years ago. So why the rate drop? Primarily this is because of the recent bushfires and the latest Covid-19 Virus (also known as Coronavirus). With concerns about redu...ced economic activity, the RBA has acted quickly to drop rates to help stimulate the economy. Not sure you are still on a good home loan? Let us know and we can take a free look for you - call us or email us at [email protected]