To ease the inflation currently bearing down on the economy, the Reserve Bank of Australia (RBA) has finally begun tightening monetary policy, lifting the official cash rate by increments of 25-50 basis points over the last three months.
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Mortgage repayments are the biggest household expense for many Australians, and also a prime target for big potential savings, especially now that interest rates are on rise.
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Alongside another unseasonable spate of rainfall, the flash-hot Australian housing sector has experienced a week of cooling off.
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With Australian homes producing 13% of the country’s greenhouse gas emissions, it’s no surprise that Aussies are keen to find greener options for their property and finances.
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The Reserve Bank of Australia (RBA) has responded swiftly to soaring economic inflation, hiking the official cash rate 0.75% in the last two months alone. The movements brought interest rates back up to pre-pandemic levels and spelled much anxiety for home loan borrowers, many of whom were already feeling the squeeze from the rising cost of living.
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The pandemic’s influence on the property market is being felt in more ways than one, shows a new report from Domain on the NSW housing market.
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NSW Premier Dominic Perrottet has confirmed that eligible first-time borrowers will have the option of paying stamp duty or an annual land tax, starting 16 January, 2023.
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On the heels of NAB and Westpac’s rate hike announcements only last week, the rest of the Big Four banks have joined in the frenzy. Today, Commonwealth Bank and ANZ escalated interest for their fixed rate owner-occupied home loans by as much as 0.80%.
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Today, Westpac announced a series of hikes to its fixed rate Premier Advantage home loans, making it the first Big Four bank to lift fixed interests this month. The changes will affect both owner-occupier and investment products and vary between 80 basis points on 1-year terms and 30 for 5-year terms.
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Ever been so unpopular you straight up took yourself off the market? Turns out this was the case for a startling number of sellers this week, with nearly one in five Sydney properties withdrawn against a middling success rate of only 62%.
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