Rate rise pain is setting in for millions of Aussie home borrowers, and the Reserve Bank is forecast to continue raising rates in coming month. While the golden era of record low home loan rates is well and truly over, the good news is that it’s still possible to find super-low variable home loans under 4.00%.
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While the impact of rising interest rates on existing borrowers is well publicised, those purchasing a home will also be forced to make adjustments, namely settling for a smaller loan.
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With four months of 0.50% hikes behind us, many home loan borrowers dread another hefty rise in October. Previously, the Big Banks predicted a more temperate path for interest rates over summer of 0.25% apiece, but new forecasts suggest the heat is on.
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In response to the Reserve Bank of Australia’s decision to lift the cash rate by 50 basis points this month, several lenders including ING and Bendigo Bank have announced plans to increase their variable home loan rates.
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Buying a house is a dream for lots of Australians, but the path to ownership may seem almost impossible for many.
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The federal government has introduced new legislation aimed at helping pensioners downsize their homes, which it hopes will make more housing supply available for young families.
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What used to be a shock now comes as routine. After three massive 0.50% rate hikes in a row, property prices have plummeted and home loan holders are feeling the squeeze.
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As the impact of climate change becomes more difficult to ignore, a number of Australian home loan providers have responded by introducing discounted home loans for borrowers with eco-friendly homes.
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Refinancing to a lower rate, making extra repayments and opening an offset account are three of the best ways to reduce your home loan faster, and with interest rates on the rise it’s little wonder so many Aussie mortgage holders are looking to switch and save right now.
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Just as home loan rates are rising in the wake of the RBA's back-to-back rate hikes, popular digital bank UBank has bucked the trend and unveiled a stellar new range of home loans with seriously low rates.
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