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Rates on hold

Rates on hold

As expected, the Reserve Bank of Australia (RBA) decided to leave the official cash rate on hold at 1.5 per cent at their June meeting today.

The RBA has not moved on rates since August 2016, with the objective of stimulating inflation, employment and wages growth through rate stability. However, the Organisation for Economic Cooperation and Development (OECD) is now forecasting official rates should gradually start to rise in late 2018, as these RBA measures start to take effect.

Meanwhile, local analysts are anticipating that lenders will soon start to raise rates outside of RBA movements, due to the rising costs of borrowing. Interbank lending rates (the rates that apply to Australian banks when lending money to each other) are on the rise and are likely to affect home loan interest rates across the board.

If you’re concerned about how this potential rise in rates may affect you, please give us a call.

Winter is here and action in our property markets is starting to slow. Auction clearance rates and home values are weakening, so conditions are currently favouring buyers. If you’re in the market for a new home or investment property, please get in touch now to arrange pre-approval on your loan.

June 2018 e-newsletter

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May 2018 e-newsletter

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April 2018 e-newsletter

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It doesn’t pay to be loyal when it comes to your home loan

It doesn’t pay to be loyal when it comes to your home loan

Banks would like you to believe that moving to a new bank is hard work and expensive. That the time, effort and costs outweigh the nominal savings that you could recoup. The idea that we should be loyal to the bank who supplied us with our first money tin back in Year 1 is a huge commitment to a decision that our parents made, probably based on a quick decision our grandparents made a generation earlier… With competition between the banks fiercer than ever, it simply doesn’t pay to be loyal to a single bank without looking to see what else is out there. 

 

Today we finalised a refinance for a client that will be saving them $2,808 in the first year and approximately $95,000 over the course of their loan following a rate reduction from 4.39% to 3.65%. That’s useful money in anyone’s language and you can imagine how pleased the clients were to hear this would be in their account rather than their bank's. We have seen time and time again the savings that can be made by clients approaching us to go through a quick pricing comparison. 

Whilst there are fees involved in switching lenders, they can be quickly offset by the savings on offer. Such is the appetite for business, some banks will even help you cover the switching costs by sweetening the deal with their own contribution.

While the savings can be substantial, some clients still baulk at perceived difficulty of dealing with the banks. Never fear, our service goes beyond finding you a rate as we will liaise with the banks on your behalf right through to settlement. Leaving time for you to plan what you can do with the money we have saved you.

This service is free of charge and it will only take a few minutes of your time to see if you will be better off – there is nothing to lose. Give the team a call and we would be eager to review your situation.

March 2018 e-newsletter

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February 2018 e-newsletter

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