andie_pandie
08-04-2009, 23:05
As you will have heard, the Reserve bank announced at their monthly meeting yesterday that rates will drop by 0.25%. – many believing this record round of interest cuts may be coming to a close. It is disappointing to see that most of the majors only dropped their rates by 0.1% and another major decided to not pass on any cut at all. They have said that it is due to increased funding costs for its decision to keep variable rates on hold.
Recent reports suggest Australia’s economy is already benefiting from the Reserve Bank rate cuts and some good news is home building approvals rose in February for the first time in eight months. The number of Australians facing mortgage stress or loan repayments of more than 30% of their household income has also dramatically decreased.
We have also seen the granting of more stimulus money, please use it wisely – personally I am putting mine in my home loan. Remember we still have the big unemployment ???? hanging over our heads. If you are caught up in this horrible situation please talk to your bank (if you have a home loan), they have measures in place (particularly the big 4) to help you when and if the need arises.
Also as per my last email on what is happening on the Home Mortgage front, we have seen another two banks pull back to 90%, and I do believe it is only a matter of time now until the last couple pull back from 95 to 90%.
This has been a extremely interesting ride and I think there is still a little more to come. We may still see a couple of smaller interest rate cuts over the coming months and then maybe a levelling off.
I am getting several people asking when will be the best time to fix their home loans, this is a very individual question and it totally depends on your circumstances, what may be right for one person may not be right for another. There is several things to consider when fixing and if anyone has any queries on this let me know or PM me.
I have had some lovely PMs over the last week that I have been back in here, yes it is lovely to be back helping you lovely ladies.:yes:
Recent reports suggest Australia’s economy is already benefiting from the Reserve Bank rate cuts and some good news is home building approvals rose in February for the first time in eight months. The number of Australians facing mortgage stress or loan repayments of more than 30% of their household income has also dramatically decreased.
We have also seen the granting of more stimulus money, please use it wisely – personally I am putting mine in my home loan. Remember we still have the big unemployment ???? hanging over our heads. If you are caught up in this horrible situation please talk to your bank (if you have a home loan), they have measures in place (particularly the big 4) to help you when and if the need arises.
Also as per my last email on what is happening on the Home Mortgage front, we have seen another two banks pull back to 90%, and I do believe it is only a matter of time now until the last couple pull back from 95 to 90%.
This has been a extremely interesting ride and I think there is still a little more to come. We may still see a couple of smaller interest rate cuts over the coming months and then maybe a levelling off.
I am getting several people asking when will be the best time to fix their home loans, this is a very individual question and it totally depends on your circumstances, what may be right for one person may not be right for another. There is several things to consider when fixing and if anyone has any queries on this let me know or PM me.
I have had some lovely PMs over the last week that I have been back in here, yes it is lovely to be back helping you lovely ladies.:yes: