Home loan interest rates are still very low. Indicator home loan rates last 50 years.
The RBA has lifted rates by .25% today. For home mortgage holders this means a minimum increase of $47 a month on an average $300,000 mortgage. However, I expect the banks to increase above the RBA. They have been issuing spin on the subject for the last six weeks or so to soften the blow.
Australia’s reliance on all things imported and high currency value has distorted the CPI figures to the extent that the RBA feels it has to appear to be doing something about it. The truth is, the rise will just suck money from an already dry economy.
Look for a rise in house values. The higher interest rates should make it easier to borrow money. Get on the phone to your mortgage broker, find out if you can afford an investment property. Property is still the darling asset of Australians.
If you dont have a mortgage broker, click the link below. It will take you to Mortgage Choice. They will tell you the truth and help you if they can. Their service is first class and they are funded by commissions, so they work hard to get you a good deal.
Our Specialist will compare up to 400 Mortgage Products to find the Loan that Suits You.
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