The Reserve Bank of Australia has rised the cash rate various times since May 2022 ultimately home loan rates rising across the country. Increasing interest rates mean huge problem on million of Australian household budgets making it difficult for repayments of mortgage.
It is Million dollar questions for every Australian citizen when will interest rate fall down. There is prediction interest rate will fall again in 2024 on the progress of big four banks in Australia.
Big four Bank forecasts: when the cash rate decrease again
- NAB Next cut in May 2024 cash rate falling to 3.20% by November 2024
- CBA Next cut february 2024 cash rate decreasing to 3.35% by November 2024
- ANZ Next cut october to december 2024 cash rate down to 4% by end of 2024
- Westpac Next cut cash rate falling to below 2,5% by end of 2025
For august big four banks predicted that cash rate was likely to increase in august 2023.
What are the causes of rates still rising?
The latest cash rates increase due to result of higher inflation. If inflation decrease the RBA will pause the cash rate eventually. There is no hard and fast rule for RBA to change cash rates it depends on economic conditions.