With rising rates driving borrowers away from the big banks and a whopping six in ten borrowers in Australia now considering low cost loans from online lenders instead, 2023 could shape up to be the year of the online lender.
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In an era of lenders raising rates, any cuts are always worth a look. Today online bank Up slashed interest rates on its fixed home loan terms by up to 65 basis points.
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The December Reserve Bank of Australia (RBA) rate hold last week was the ointment to last month’s 25 basis-point sting in the wallets of homeowners around the country.
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The latest data from the Australian Bureau of Statistics (ABS) shows the value of new home loan commitments was up 5.4% in October 2023. That’s a lot of new mortgages to pay off, despite an expensive housing market and a hefty ton of RBA rate hikes.
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Ready to become a home buyer? The Australian property market is a wonderful but volatile place. Home prices soared 5.5% last year nationwide and are expected to fly higher in 2024, despite high home loan interest rates.
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The property market has been hard to get a fix on in 2023. Despite the higher cost of living and slumping consumer sentiment, property prices in popular areas have continued to climb.
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Property market predictions for 2024 tip the new year as a winner for existing homeowners, as affordability grows worse for have-nots, according to Domain.
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Interest rates who? According to property watchdog PropTrack – the research arm of realestate.com.au – Australian housing values grew 5.5% throughout 2023, despite housing affordability plummeting to “its lowest level in decades.”
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HECS-HELP loans have empowered many Australians to go to university and achieve higher-paying careers. But can taking on student debt hurt your chances when applying for a home loan?
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