Rates down a notch in Feb but that's it for now
Whilst there was some rate relief in February from the RBA the decision was to hold at 4.1% in April. Despite no change in April we are actually seeing rates come down with a handful of lenders with an owner occupied rate for good borrowers around 5.75% If you're an owner occupier and paying more than 6% you 100% need to review your current rate. Investors on reasonable LVR should be in the low 6s (for variable).
Property Update
We are starting to see the impact of the sustained higher rates and lower borrowing power with all major markets seemingly close to peaked with the exception of Brisbane and Adelaide, which are still growing albeit much more slowly. The latest CoreLogic market update is a useful resource. It's anyone's guess as to where to from here with competing levers including supply, interest rates, geopolitical tension impacting oil prices, a US election and an upcoming Australian electionAs always, buying well and having a long term perspective is advised and clients should seek outside help if unsure of not confident in the process. We suggest finding a reputable buyers agentIf you're a first home buyer then a recent podcast interview between UNO CEO Vincent Turner and Veronica & Meighan from Homer Buyers Academy also might be worth checking out.
If you are considering a purchase, refinance or anything else related to property or finance then book in a call with one of our UNO brokers using the link below.
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