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The Reserve Bank’s relentless rate hike campaign — which commenced in May last year and has brought the cash rate to its highest level since 2012 — paused last month. Giving homeowners a temporary reprise from watching their monthly mortgage repayments increase.
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As the consumer price index eases down to 7%, banks are increasingly looking at cutting their fixed interest rate loans with the expectation that the Reserve Bank of Australia (RBA) will continue to halt the cash rate.
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When a lender looks at your home loan application, one of the main things they look at is your borrowing power.
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The last year has been wild – between Reserve Bank rate hikes, plummeting property prices, and cost of living pressures, many borrowers have copped it at all angles. Not to mention we’re rapidly approaching the fixed-rate mortgage cliff – yikes.
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Despite the April RBA pause, Westpac and CBA have raised interest rates on several home loan offerings. While the increases are relatively small compared to the 0.25% and 0.50% hikes that have become the norm in the last 11 months, they still indicate the banks expect rates will stay higher, or go higher, in the next few months.
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House inspections are a necessary part of the home buying process—after all, you want to know what you’re buying. However, there’s more to inspections than taking in the looks of the new place you’re thinking of purchasing.
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The Reserve Bank’s continuing push with interest rate hikes has brought into focus the dilemma that borrowers now face in choosing their home loans.
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National home prices rose for a third consecutive month in March, as limited supply and strong demand continue to hold up the property market, according to the PropTrack Home Price Index.
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The Reserve Bank’s relentless rate hike campaign — which commenced in May last year and has brought the cash rate to its highest level since 2012 — may finally be coming to a close.
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Home borrowers looking to lower the cost of their mortgage are increasingly switching to smaller, low-cost lenders right now, and one rival lender has unveiled a refinance home loan that is sure to send a stampede of savvy switchers their way.
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