The Reserve Bank of Australia (RBA) has put a pause on the rate cuts, leaving the cash rate of 0.75 per cent unchanged until the next meeting. In recent months, it’s proven to be effective for the property market, as we’re seeing the market recovering with the property prices increasing. Now, the timing couldn’t be better to get in the property ladder.
What difference does the lowest cash rate make for you? As a home buyer, with such low cash rate in combination with APRA changes and First Home Buyer initiatives, you’re bound to get your foot in the door of the property ladder. Many lenders have been adjusting their interest rates to the cash rate, with a lot of loans becoming available at 3 per cent and under, so there’s a great deal of opportunities waiting for you.
For example, if you’re looking at borrowing a $400,000 loan at 3.03 per cent, standard variable rate, with the average loan term of 30 years, your average weekly repayments would be $390 per week. That’s less than the average weekly rent in Brisbane of $475! Imagine instead of repaying someone else’s mortgage, you could be repaying your Australian Dream of owning a home for less. Check out this list of the best suburbs for first home buyers.
This is just an example of what options could be available for you, use our loan calculators to see what you could be borrowing. We always recommend speaking to a mortgage broker for the best suitable home loan tailored to your goals, financial situation and circumstances. Our mortgage brokers will do all the hard work for you and compare more than 40 lenders and products to find the one that’s the perfect fit for you. It costs nothing to use our services, and we will help you understand how the new changes can help you reach your property dreams.
Since the property prices have been on the rise, now is the prime time to get in the market before the prices increase even more. If you’ve been thinking of buying a property, book an obligation-free consultation with Queensland’s top mortgage brokers.
First Home Buyer Guide
Everything you need to know to buy a property in one easy guide. This guide is packed full of checklists and tools to help you make the right choice.