Over the last two years, the home loan market has been rocked by a series of rate hikes thanks the Reserve Bank of Australia (RBA). The central bank has been chasing runaway inflation with tighter monetary policy.
The Albanese government has announced new measures to help Australians get better rates on their home loans and savings accounts.
Around the world the cuts have begun. The European Central Bank (ECB) last week announced a 25 basis-point cut after the central bank’s June meeting, but the US Federal Reserve hasn’t followed suit, leaving its rate unchanged.
They say teamwork makes the dream work. But it's now clearer than ever that the platitude applies to the Australian dream of homeownership, too.
Kevin McCloud is invariably appalled when the ambitious home renovators on Grand Designs quickly surpass their renovation budget and timeline. But it’s also rare for him not to be completely charmed by the outcome.
Essential workers have access to the lowest variable home loan rate in the Mozo database this month from G&C Mutual Bank, with an interest rate of 5.80% p.a. (5.83% p.a. comparison rate*).
Customer owned Greater Bank made cuts to its Great Rate Fixed Home Loan product, its lowest rate starting at 5.79% p.a. (7.26% p.a. comparison rate*) for 3 years (OO, P&I, $400k, <80% LVR).
Whenever we invest in a property, price and personal wishlists usually rank top of our considerations. But savvy buyers know there’s another rat in this race: capital growth.
The average price of residential homes across Australia rose by $14,300 to $959,300 in the March quarter, according to the latest figures from the Australian Bureau of Statistics (ABS).
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As the RBA held the cash rate at 4.10% for two months in a row, banks have made their own calls on which of their home loan products should be raised or cut.