RBA & home Loan Interest rate update - July 2018 Blog article
03 July 2018
As expected, the Reserve Bank of Australia (RBA) decided to leave the official cash rate on hold at 1.5 per cent today.
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The RBA has not moved on rates since August 2016, with the objective of stimulating inflation, employment and wage growth through stability. However, before we get too comfortable, I thought I'd share the short video below explaining what's ahead for homeowners and investors...
There is a common misconception that your borrowing capability is related solely to your income, however most people’s outgoings quickly follow their increasing pay-packets. In a time where many people’s lifestyles revolve around instant gratification, lenders are now taking a more responsible approach to lending and investigate genuine spending habits as well as factoring in possible future interest rate rises.
First Home Buyers rejoice!
From 1 July 2017 Stamp Duty was abolished for Victorian First Home Buyers purchasing up to $600,000 and phased in on a sliding scale for purchases between $600,001 and $750,000!
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