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The Reserve Bank of Australia has kept interest rates on hold at 1.50 per cent at its July 2017 board meeting. 

REINSW President John Cunningham said the decision came largely as expected. He said: “It comes at little surprise that the RBA has decided to keep a neutral position for the 10th meeting in a row.

“We believe that this will continue into the second half of the year, but we may see interest rates rise as early as October. 

“It is important that those seeking to enter the property market and those already servicing a mortgage think carefully about the effects that several interest rate rises will have on their ability to service a mortgage.” 

The RBA cut interest rates by 25 basis points in August and May 2016. The RBA will next meet on Tuesday, 1 August 2017.