Cutting their variable rate loan by 0.59 of a percentage point to 4.75 just days ahead of the Reserve Bank of Australia's first monthly meeting next Tuesday indicates that the war is on to maintain market share in 2014.
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Recent data from the RBA shows Australia's population continuing to grow at an above average pace, with official projections indicating this is expected to continue. To date there has not been any corresponding boost to the supply of new housing, which means for property owners, demand and property values are only expected to climb in the long term.
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Potential first home buyers are being squeezed out of the housing market as investor activity drives up property prices. Just one in eight home loans are for newcomers, the lowest rate since records began, according to figures released this week.
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Super reform may have come too late for baby boomers who expect to lose the house in order to fund their retirement. Forecasters are expecting a wave of family homes to hit the market as boomers cash in their properties and downsize to fund themselves into old age.
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Although the RBA put rates on ice for Melbourne Cup Day, the party may be over for home buyers and refinancers who have been making the most of record-low home loan rates. Despite the RBA decision to lock the cash rate at 2.5, fixed rate home loans have been inching upwards with more than 10 lenders increasing their fixed rates through October in anticipation of a rate rise.
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With a growing number of forecasters predicting that home loan interest rates are getting set to go up, rather than down, borrowers are being urged to plan for potential rises in their repayments now.
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Australia has the best distribution of wealth among developed nations according to the recently released Global Wealth Report from Credit Suisse.
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On the back of RBA's warning, lenders are increasing the "buffers" used to assess borrowers ability to repay their mortgage, amongst concern that they may not be able to meet repayments when Australia's record low interest rates begin to rise again.
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There seems no end in sight to Sydney's property boom with last weekends 86% auction clearance rate making September the strongest month on record.
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According to a recent survey conducted by Aussie Home Loans, the most important consideration for home buyers when they come to choose a new property is a good neighborhood.
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