Low Rate Home Loans News

Wed, 2 May 2007
Interest rates on hold: reprieve for homeowners
In a boon for the nation's mortgage belt, the Reserve Bank decided at its quarterly meeting on May 1 to leave the official cash rate unchanged at 6.25 per cent. The Reserve Bank's decision followed the publication of a much lower than expected March-quarter consumer price index, which showed inflation rose just 0.1 per cent for the quarter and 2.4 per cent for the year. This was well within the Reserve Bank’s target of 2-3 per cent. In a rare show of consensus, many economic forecasters are now predicting a further easing in inflation and most believe interest rates will stay on hold for the rest of 2007, particularly given the impending federal elections.

Mon, 09 July 2007
Aussies take bigger mortgages
Australia’s appetite for debt is showing no signs of abating. The latest data from mortgage broking group AFG showed that, in the past six months, the average Australian mortgage size increased by 5.6% to $317,000 amidst rising property prices.

Wed, 18 July 2007
Home loans hit record high in May
Total home loans rose to an all-time high in May, boosted by strong demand from investors, the latest data has showed. The Australian Bureau of Statistics (ABS) said the total value of home loans taken out for the month climbed by 2.7% to a record $22.13bn. Loans for investment purposes jumped sharply by 8.9% to $6.92bn, while owner-occupier loans edged slightly by 0.2% to $15.21bn.

Wed, 07 November 2007
Teaming up to buy property
SOARING property prices are leading more people to team up to buy houses.

With house prices rising ever higher, individuals are increasingly turning to the power of two, three or as many as five, of their mates to get into the property market.

A survey of 300 Australians about to purchase their first home found that one in every two were considering co-ownership as an option rather than going it alone.

"With housing affordability reaching record lows and another rate rise potentially on the cards, co-ownership is an effective way to combat these constraints," Wizard Home Loans chairman Mark Bouris said.

Some 41 per cent of first home buyers said high property prices were the main factor behind co-ownership, although social commentator Bernard Salt remarked that it was Generation Y's reluctance to let go of their decadent lifestyles that had also added to demand.

A whopping 86 per cent said the government was not doing enough to help.

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