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As expected, RBA cash rate has increased for May

At its monthly meeting today, the Reserve Bank has decided to increase the official cash rate from 0.10% to 0.35%.

An increase in rates has been highly anticipated following the release of higher than expected inflation figures last week.

There was however speculation that the RBA may have delayed this increase until after the federal election and until it was satisfied there was evidence of sustainable wages growth.

Lenders can set rates independently of RBA movements and their responses to this rate hike may vary.

I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business.

It never hurts to ask the question, so get in touch to review your options

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.