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.
There’s been some sharemarket volatility related to Greece and China, but what will become a big point of discussion around water coolers in the coming months is the banks RAISING interest rates on investment loans.
At its May meeting, the Reserve Bank of Australia elected to keep the official cash rate on hold at 1.5 per cent. However, Australian lenders are still increasing rates to keep in line with APRA's new lending rules...
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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