Against all opinions, the Reserve Bank of Australia (RBA) did not hold interest rates steady in June. Instead, the bank maintained its hawkish bias by adding another 0.25% to the official cash rate to chase down runaway inflation.
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Digital home loans are on the rise in Australia, and as borrowers seek out faster, easier ways to control their finances, neo-lenders are emerging as real challengers to the banks in 2023.
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The Reserve Bank of Australia hasn’t so much pivoted as reset expectations. Last month’s interest rate decision was expected to hold the line, but the central bank surprised by adding another 25 basis points to the official cash rate.
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Property sales rates are at a low by historical standards, according to Westpac’s Housing Pulse May 2023 report. To put it in perspective, the activity within the housing market is operating at about two-thirds of the peak in late 2021.
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If purchasing a home outright isn’t something you can do - perhaps because you’re not Jeff Bezos - you’re probably thinking about getting a home loan.
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The Australian property market has led a remarkable recovery. After rising interest rates on home loans smothered growth last year, Domain now estimates home values will regain much of their former glory by 2024.
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More than one million mortgage holders are expected to be ‘at risk’ this month, with more to come in July, according to Roy Morgan.
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Inner cities have always been property hotbeds, marking impressive spikes in price in the last few years. But the “most mortgaged markets”, according to CoreLogic, now lie in the outskirts of Australia’s capitals – and value growth may make them more attractive for home buyers.
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Refinancing your home loan could save you tens of thousands of dollars over the life of the loan, and with interest rates on the rise, it’s little wonder why so many mortgage holders are looking to switch and save. But before you jump headlong into refinancing, there are some crucial expert tips to know for getting a great refinance deal.
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Given that $19.3 billion worth of home loans were refinanced in April, it’s clear many Australian homeowners are jumping at the opportunity to switch to ultra-low rates and save on interest.
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