At its monthly meeting, the Reserve Bank has again confirmed the official cash rate will remain at 0.10%.
Concerns continue to be expressed that record low interest rates are fuelling a housing boom, increasingly putting property ownership out of the reach of many prospective first home buyers and placing the wider economy at risk by creating a housing ‘bubble’.
The RBA remains very reluctant to increase rates, fearing that doing so will result in an increase in unemployment and a further reduction in wage growth which could be just as harmful to the economy.
The likely outcome is that the Australian Prudential Regulatory Authority (APRA) will look to cool the housing market by introducing so called macroprudential controls, aimed at restricting what it deems to be riskier borrowing for housing.
Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you’re prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business. We’re here to help if you have any questions or wish to review your circumstances. Please don’t hesitate to give us a call.
Who we are
Finance Mutual Australia is a market-leading South Australian mortgage broker. It is our promise to walk you through the process of finding a home loan and do all the leg work, comparing the vast number of lenders and products in the market to find the loan best suited to meet your financial requirements.
How we can help
It doesn’t matter if you’ve just started thinking about buying, have already found the perfect house and want to quickly sort out your finance, are looking to unlock the equity in your current property, or are wanting to find out if there’s a better borrowing option than the one you currently have – any time is a good time to explore your options.
We’re here to help if you have any questions or wish to review your circumstances. Please don’t hesitate to contact us.