Home buyers and lenders are no longer waiting for the RBA to make moves. Indeed, there were no moves made: the Reserve Bank of Australia has left the official cash rate at 4.10% for October, marking the fifth month in a row of constant interest rates since June 2023.
As hundreds of thousands of fixed-rate home loans are set to expire in the next 12 months, existing borrowers have a few strategies at their disposal that could mean the difference between expensive rollover rates and a better deal.
It’s been three months since the Reserve Bank of Australia (RBA) last raised interest rates. Its last decision brought the official cash rate to 4.10% – a decade high.
The Reserve Bank of Australia – the organisation in charge of Australia’s monetary policy – has had a new change in leadership. Former RBA governor Philip Lowe has been replaced by long-time deputy governor Michele Bullock, who assumed the role on 18 September 2023. She is the first woman to become governor of the RBA.
With Sydney’s property market now in the top 10 most unaffordable cities globally, doing your homework on homebuying is more important than ever.
Fixed home loans are no longer out of the market – at least, according to the Mozo database.
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With yet another pause in the cash rate, borrowers may be wondering if their home loan interest rates will remain static. However, some recent changes by two of the big four - NAB and Westpac - show that both fixed and variable rates can have adjustments up and down.
Spring property season is usually the busiest time of year for home sales. Not only are there more properties on the market, but there are more home loan deals and auctions to wade through. However, with some simple preparation, home buyers can certainly make hay while the sun shines.
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Despite dire predictions for the economy, Australia's housing market has rebounded to a staggering $10 trillion at the end of August, marking the first instance of hitting this double-digit value since June 2022, according to recent CoreLogic research.
Spring property season is usually the time of year when home buyers see more listings hit the market. But some of those listings can come with an…unusual character.