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If rising repayments have you itching to switch on your home loan, you’re not alone. Refinancers are in high demand, with lenders bringing out all the stops to win over eligible borrowers. You could walk away from your refinancing with a bonus of more than $3,000 in your pocket.
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Australian capital cities have experienced the strongest annual rental increase in history, says CoreLogic.
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We’ve heard for a while now that we’re in a housing affordability crisis, and many Aussies feel like home ownership is increasingly becoming out of reach for them.
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Everyone knows about home loan interest rates, especially since they’re quite high at the moment. But if you’re just starting your property-buying journey, what other features should you consider in a mortgage? What are the pros and cons? And why does your lender offer them in the first place?
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After ten consecutive rate rises, the Reserve Bank of Australia astonished home loan borrowers with a dovish pivot in April, voting to leave the cash rate on hold at 3.60%.
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The Reserve Bank’s relentless rate hike campaign — which commenced in May last year and has brought the cash rate to its highest level since 2012 — paused last month. Giving homeowners a temporary reprise from watching their monthly mortgage repayments increase.
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As the consumer price index eases down to 7%, banks are increasingly looking at cutting their fixed interest rate loans with the expectation that the Reserve Bank of Australia (RBA) will continue to halt the cash rate.
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When a lender looks at your home loan application, one of the main things they look at is your borrowing power.
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The last year has been wild – between Reserve Bank rate hikes, plummeting property prices, and cost of living pressures, many borrowers have copped it at all angles. Not to mention we’re rapidly approaching the fixed-rate mortgage cliff – yikes.
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Despite the April RBA pause, Westpac and CBA have raised interest rates on several home loan offerings. While the increases are relatively small compared to the 0.25% and 0.50% hikes that have become the norm in the last 11 months, they still indicate the banks expect rates will stay higher, or go higher, in the next few months.
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