RBA September 2020 Decision - Interest Rates Held

Interest rates have been maintained at 0.25%. However, we may need to watch out in the future according to this article by Anastasia Santoreneos for Yahoo Finance:

More than half of experts and economists surveyed by Finder believe banks will increase variable home loan rates next year, despite the Reserve Bank of Australia predicting the official cash rate to remain at 0.25 per cent for the foreseeable future.

When asked when Aussies could expect banks to make the move, half of the respondents said banks were likely to announce out-of-cycle rate hikes during the first half of 2021. 

Why?

“Banking profits have nosedived off the back of billions of dollars worth of loan deferrals, a shrinking pool of first-time buyers, low-interest rates and minimal credit growth,” said Finder insights manager Graham Cooke.

They may then put up rates to cover more of their costs. If you haven’t thought about fixing part or all of your loan yet, I’d consider it.