Australian property market: Homeowners to benefit from low interest rates for next three years

It will be happy days for Aussie homeowners for the next three years according to PM Scott Morrison – if you’re lucky enough to own one that is.

It’s the silver lining to the COVID-19 recession for those lucky enough to still have a job and own a home.

Low interest rates are here to stay according to the Reserve Bank of Australia’s governor Philip Lowe and economists.

And homeowners can expect interest rates to remain at record low for at least three years according to Prime Minister Scott Morrison.

The Prime Minister made the prediction on Friday after Dr Lowe and Treasury secretary Steven Kennedy joined the national cabinet to discuss the economy post-coronavirus.

“With unemployment expected to be at a measured rate of over seven per cent over the next two years, jobs is the issue. The number one economic issue’’ the Prime Minister said.

“And with rates low and expected to be low and financial markets performing well and rates being in the position where we could expect them to be for at least three years, if not more, which is what Dr Lowe told us this morning.”

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