Urban Taskforce Australia CEO, Tom Forrest, said that today’s decision by the BRA Board to lower the official cash interest rate by 25 basis points represents a much-needed easing of financial pressure on the entire property sector. Today, we are breathing a sigh of relief.
The decision to lower the cash rate from 4.35% to 4.1% immediately puts more money into the pockets of mortgage holders. This flows onto the entire economy. But it also adds borrowing capacity for new home buyers, as well as easing the financial burden of holding costs while new homes are being constructed.
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