Let’s go through the facts and disprove some of the mistruths currently being sprouted by the media and politicians about interest rates. Yes, the Reserve Bank surprised everyone by raising official interest rates 0.25 per cent (instead of the expected 0.15 per cent) to 0.35 per cent. Yes, home loan monthly repayments will rise almost… Read more »
How much interest rates will rise is the big question and each of the big banks have a slightly different answer… but they all agree the first rate increase will be June. Westpac’s economic team is now predicting the cash rate hikes will start in June and hit 2 per cent by June the following… Read more »
While it feels like a major hassle, the fact remains that refinancing your home loan is often the only way to get a good deal. According to digital mortgage broker Finspo, the average home loan duration is surprisingly short at 4-5 years. It’s not that people are powering through their mortgage and paying it off… Read more »
In times like these, when there is great uncertainty about what will happen to interest rates, borrowers get lots of advice about whether to go fixed or variable. Unfortunately, a lot of it is not well founded. For example, anyone who tells you to lock a fixed rate mortgage now before rates rise, is basically… Read more »
I’m all for helping first home buyers get into the property market, as long as it’s done the right way at the right time. I’m not sure the Home Guarantee Scheme is it. I get concerned when help for first home buyers happens at a time when property values are falling (in Sydney and Melbourne)… Read more »
If you’re paying off a mortgage – or aspiring to – imagine if you didn’t have to worry so much about rising interest rates. That’s already the reality for US home buyers. Unlike in Australia, most mortgages in the US have a fixed-interest rate, locked in for 30 years. Instead of having to wait and… Read more »
WLTH CEO Brodie Haupt outlines the emerging lending trends of 2022 and what to look out for. If you are in the housing market or contemplating entering, it is crucial to pay close attention to the Australian Prudential Regulation Authority (APRA) lenders’ moves, and their impact on your mortgage. With the economy taking a brutal… Read more »
CoreLogic’s November property market analysis saw house values rise 1.3 per cent for the month – the 14th consecutive monthly rise – for an annual rise of 22 per cent. That means the median value of an Australian house has risen $126,000 in a year. That’s a $126,000 increase in the equity in your property, which means… Read more »
What exactly is mortgage stress, and how can you overcome it without losing your home? With the Reserve Bank of Australia (RBA) signalling that interest rates are anticipated to rise in 2024, many banks and home loan providers have started to shift their own fixed rates. Many of these changes have seen these financial institutions… Read more »
Tougher lending restrictions are being introduced for mortgages from December. Here’s what that means for new borrowers. With most banks and home loan providers already operating under the new Credit Contracts and Consumer Finance Act (CCCFA), the process around applying for home loans is changing. The level of evidence required for a home loan is… Read more »
Weekly money, life and business news delivered to your inbox.
