Interest rates remain unchanged

It's good news for mortgage holders today - the Reserve Bank has opted to keep interest rates on hold.  Although there has been talk of rate rises in recent weeks, the RBA has adopted a wait-and-see approach for another month and left official rates at 4.5 per cent. Each 0.25 per cent interest rate rise adds another $50 to the monthly cost of an average mortgage. Australian mortgage holders are already paying about $300 more per month in repayments than they were a year ago. The property market has remained steady in recent weeks and there has been a slower than usual start to the spring selling season. It is expected the property market will remain balanced through spring.

Is your current home loan right for you?

Has it been a while since you took out your home loan? At the time, it was probably the most suitable home loan available for you. But with our lives and circumstances constantly changing, and with new types of loans becoming available, it could be the right time to review your loan. A simple home loan health check may end up saving you thousands of dollars and provide a boost to your plans for the future. Whether you are scaling up or down, or just using the equity in your home for other purposes, a simple home loan health check can help you assess which home loan option may be right for you. This is particularly important if you are considering renovating, investing in another property, or re-assessing the features of your loan. For more information or to make a obligation-free and fee-free appointment, please contact Home Loans Australia.

 

Why use a mortgage broker?
Approximately forty percent of home loans are negotiated by mortgage brokers. So why are they so popular? Mortgage brokers act on behalf of the borrower to find the best home loan products available in the market. They look at all different lenders, and determine what is best for the borrower. This not only saves often save them money.

 
Interest rates on hold

Mortgage holders can breathe easy for another month after the Reserve Bank today decided not to increase interest rates. In a sign that the Reserve Bank thinks the economy is bubbling along nicely, it opted to keep rates on hold at 4.5 per cent.

 

Each 0.25 per cent interest rate rise adds another $50 to the monthly cost of an average mortgage. Australian mortgage holders are already paying about $300 more per month in repayments than they were a year ago. Experts say there is a chance of an interest rate rise before the end of the year and mortgage holders would do well to prepare for that by paying a little extra off their loans each week now.

 

Mortgage holders on variable interest rates are being charged about 7.4 per cent by their lenders. With the drawn out Federal election, the property market has remained steady in recent weeks and a slower than usual start to the Spring selling season is predicted. Information care of www.domain.com.au.
 

Australian banks forced to sit on rates

Australia’s election cliffhanger is expected to force banks to hold off from raising home loan rates, despite increasing pressure on their margins from the rising cost of funds, The Age reported. Before the election, banking analysts were tipping that standard variable interest rates would increase by 10 to 15 basis points ‘sooner rather than later’ as the big banks repriced A$725 billion in Australian home loans. Now the banks are wary of coming under fire from politicians who are jockeying for position in a new government.

Melbourne house prices grow $98K in a year