March 10, 2014
Richmond Mortgage Choice broker Andrew Heath reviews the upside of stable rates.
I suspect many Richmond mortgage customers were hoping the Reserve Bank of Australia (RBA) would cut the official cash rate at its March Board meeting - but it wasn’t to be.
Rising business sentiment and healthy demand for home loans saw the RBA leave rates on hold for the month. And that’s not a bad thing.
Stable rates are a sign of ongoing strength in the Australian economy.
Great news for Richmond home owners
The latest Monthly Business Survey conducted by National Australia Bank found business confidence rose for the first time in four months.
Government figures show home loan approvals are climbing too. In addition, consumer confidence surveys show optimists outnumber pessimists.
Your Richmond Mortgage Choice team is among the optimists. We believe the RBA could leave the cash rate on hold for the foreseeable future.
That’s especially welcome news for first home buyers hoping to secure a Richmond home loan.
Check your current loan
It is not just potential home buyers who can benefit from the today’s market conditions.
Competition between lenders is intense and there are some outstanding home loan deals available. I encourage all Richmond mortgage holders to review their current home loan – check if it’s still competitive in terms of cost, and that it continues to offer the features you need. If your current loan isn’t up to scratch, there’s a good chance you could secure a more suitable loan.
If you’d like to learn more about your Richmond home loan options, pop into Mortgage Choice Richmond. You can find us at 1/37 Lennox Street, Richmond. Or call me on 4578 9904 or 0411 550 600 at any time.
Be sure to share our blog on Facebook and Twitter and let others join the conversation.