The big four banks are set to make an estimated $1.7 billion in extra interest each year, or $4.6 million a day, thanks to recent out of cycle home loan rate rises according to Mozo data.
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ANZ announced a Cash Profit of $3.4 billion today, after hiking rates for interest-only lending by as much as 0.40% on Friday.
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It’s no surprise to hear that land prices in Sydney have risen almost 11% in 2016, but it’s not just homebuying hopefuls being affected - low income renters are also feeling pressures from high property prices as demand for rental properties outstrips supply.
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ANZ has announced changes to its fixed home loan products, which saw interest-only loan rates rise by as much as 0.40%, while principal and interest rates were slashed by up to 0.50%, effective today.
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Treasurer Scott Morrison has today indicated that the May 2017 Budget will have Australia’s growing housing affordability problem in mind.
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A new report by the Property Council of Australia has today pointed to dwelling undersupply as a major hindrance to housing affordability, along with other obstacles such as stamp duty.
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Westpac has raised the fixed rates attached to nearly all of its interest only packaged loans, in a move that will affect new investor and owner occupier customers.
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Commonwealth Bank has announced another sweeping range of rate increases, hiking its fixed rate home loans by as much as 0.50% across 14 fixed rate mortgages.
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In the face of sky high property prices that don’t look like dropping any time soon, Aussies are opting to renovate their home rather than trading in for a newer property, according to Westpac’s Home Ownership Report.
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As Australian property prices continue to soar in Australia’s major cities and more and more Aussies retire later in life , over the next few years we could see home loan terms increase from the standard 25-30 years, up to 40 years.
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