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There has been a lot of discussion from different industry experts about what will happen to interest rates in 2015, with some expecting tipping cuts will be made as soon as February.

The RBA is set to meet for its monthly meeting on February 3 and there are some factors to suggest there could be a rate cut. According to Australian Chamber of Commerce and Industry Director of Economics and Industry Policy John Osborn, there are a number of factors that could influence a rate change.

"Business conditions are soft and worsening, so the RBA should have a rate cut on the table," he said. A rate cut would help give the Australian business community the push it needs to boost confidence again.

However, according to LJ Hooker CEO, Grant Harrod, the interest rate will remain unchanged at 2.5 per cent after tomorrow's meeting. He predicts that interest rates will remained unchanged during the first quarter of 2015 in order to stimulate the property market and construction of new housing.

Unemployment and wage growth also play a part in how the interest rate will shape up in 2015. According to the Australian Bureau of Statistics, the unemployment rate sat at 6.10 per cent in December 2014, which was better than expected. Grant Harrod believes that if the unemployment rate stays steady, it will help keep the interest rates on hold too.

In regards to home finance, home owners have been extremely lucky with record low interest rates for over a year now. The RBA has kept the cash rate on hold at 2.5 per cent since August 2013 and mortgage holders have reaped the benefits of lower mortgage repayments. Experts tips that lenders will do anything but raise the interest rate after the RBA meeting. According to John Symond, if the expected rate cut is to happen in February, mortgage holders can continue to enjoy low interest rates well into 2015.

"Lenders have continued to lower their interest rates, even with no cash rate change in 16 months," he says.

With the mortgage market being so competitive, lenders are lifting their game in order to get ahead of their competitors. If you are looking for a home loan or have not reviewed your current home loan in a while, now is a great time to go shopping. Give our friendly team a call on 13 72 62 and we can discuss home loan options with you and help find the right fit for your financial situation.