If you’re a home buyer in an Australian capital city, odds are finding anything below $600,000 is a minor miracle. But miracles happen every day, and Australia's average mortgage size is only $593,000. For the savvy borrower, this is quite achievable.
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Housing affordability in Australia has hit its worst level in three decades, according to PropTrack.
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The last half of winter was all quiet on the Reserve Bank front. But home loan interest rates? Astonishingly busy. But despite all the activity, from hikes to cuts, the average variable interest rate for owner-occupied home loans stayed at 6.60% p.a. in August.
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The Reserve Bank of Australia (RBA) has hit a lull in the rate hiking cycle. Between May 2022 and June 2023, the central bank raised official interest rates by 4.00% – a Herculean leap to combat Herculean inflation. Each hit to the cash rate brought more home loan pain to variable-rate borrowers and tightened the expanding economy with a vice.
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Prospective homebuyers might expect a rise in new property listings, as auctions in the major capitals this week bloom ahead of spring.
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The fixed rate mortgage cliff was one of the scarier predictions made about this year. However, new data from CoreLogic reveals that our worst fears about the fixed mortgage cliff may not have happened – nor are they likely to.
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One of the interesting trends arising from the Reserve Bank rate hikes has been lenders pulling their cashback offers for refinancers. In May 2023, Mozo recorded 25 lenders with refinancing cashback offers in its database. Today in August, it’s just 13.
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Recent analysis from Mozo has found that owner-occupiers and investors could save big bucks by refinancing to a lower rate loan. Based on the most recent Core Logic Home Value Index (HVI) release, Mozo’s team of data experts found how much borrowers can save per year in each of the capital cities.
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If you've been shopping around for a home loan or looking to refinance your existing mortgage, you may be overlooking some of the best options available to you. While the big city banks dominate the market, some homebuyers are turning to regional-based banks and online lenders for their great rates, customer-focused values, and exceptional service.
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Refinancing a home loan has both become harder and more necessary for many Australian borrowers, thanks to recent Reserve Bank rate hikes. But if you’ve asked yourself whether you should refinance and decided, “Absolutely, let’s do this,” then it’s essential to get your finances in order.
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