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INTEREST RATES REMAIN ON HOLD
The Reserve Bank has opted to keep rates on hold at 4.75 per cent.
The move comes on the back of recent figures showing Australia's economy shrank in the first three months of this year, due to the catastrophic Queensland floods.
Economists are still tipping a rate rise this year, but not until August, or possibly later.
"Mortgage holders should view today's decision as a reprieve," says Domain.com.au property expert Carolyn Boyd. "However, the downturn in the economy is expected to be short term, which could still point to rate rises to come as things begin to improve."
Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage.
If you're hoping to pay more off your mortgage, now is a good time to do it, Boyd says.
The official interest rate is now 4.75 per cent. Mortgage holders on variable interest rates are being charged a standard variable rate of about 7.83 per cent by their lenders.
Source: Domain.com.au