At its November meeting today, the Reserve Bank of Australia has kept the official cash rate unchanged at 1.5 per cent for the 15th consecutive month!
What else is happening in our markets?
Future rate movements: Some analysts are speculating we will see our next rate cut in 2018, following recent declines in auction clearance rates, and indications of overseas investors withdrawing from the market.
Interest only loans: Figures released last month revealed our major banks cut back interest only lending by $4.5B over the past year. We know which lenders are still offering these loans, and which ones have the most competitive rates, so get in touch if you need help locating the right product for your needs.
Owner occupier loans: There are some very competitive rates available for those looking to buy their own home right now. Some lenders are also offering special deals to encourage first home buyers to get into the market. Talk to us if you’re looking to put a foot on the property ladder this spring – we’d love to help!
Property market activity: In the last week of October, the combined capital cities saw the number of auctions reach a new year-to-date high, with a total of 3,690! There are plenty of properties available, so please contact us now to arrange pre-approval on your loan.